South Korea is one of the countries that are heavily interested in the Metaverse, Web3, and blockchain industry. A recent instance proves this again. The South Korean Ministry of Science and ICT (MSIT) stated there will be different laws to be applied to the Metaverse unlike laws related to traditional video gaming.
Such efforts could be seen as crucial to help the development of a growing sector. Rather than implementing the traditional gaming laws, MSIT will issue all new guidelines for the digital space, according to the ministry, that will encourage the development of the burgeoning ecosystem.
While putting forward the arguments, MSIT said the traditional regulations might not do justice to the emerging space of Metaverse and could result in hampering its development.
Earlier South Korea was reported to have made an investment of approx 200 million USD with the plan of allocation towards creating an in-house Metaverse.
Should Metaverse be Treated as Video Games?
The ministry noted in the National Data Policy Committee’s very first meeting about not making the mistake of putting regulations of existing law on a new service like the Metaverse. Whether Metaverse would be treated as a video game or not, the discussion around this issue still remains though.
It’s worth mentioning that the ministry is responsible for deciding if there is any need for new regulations in new industries like OTT streaming platforms, self-driving cars, and the Metaverse. However, MSIT has concerns around the Metaverse and hampering growth within the industry given the lack of any legal as well as an institutional basis.
Earlier this month, the National Assembly members supported an official proposal in regards to approving the Metaverse Industry Promotion Act in the wake of their support to the Web3 industry.
In contrast to making efforts towards the budding tech spaces, South Korean authorities are stringent towards the violations. A recent example of the same is the actions of the CEO of Terraform Labs Do Kwon along with other executives accused of defrauding the Terra (LUNA) investors.
Source: https://www.thecoinrepublic.com/2022/09/19/proactive-approach-of-south-korea-towards-the-metaverse-regulations/