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South Korea to Draft  “Metaverse Industry Promotion Law”

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South Korea to Draft  “Metaverse Industry Promotion Law”

Officials of South Korea’s ruling party, the People Power Party (PPP) revealed today (Sept. 2. 2022), that they are working on creating a “Metaverse Industry Promotion Law” in a bid to boost the Web3 sector. The law will aim at laying the foundation for various policies and regulations related to the metaverse.

What Does the Proposed Metaverse Law Entail?

Following reports from a local media outlet, Eun-ah Huh, a representative of the PPP, has proposed the Metaverse Industry Promotion Law, to encourage and support widespread usage of innovative technologies. According to the bill, the “Metaverse Policy Review Committee,” which will report to the Prime Minister directly, will consider various strategies for establishing and fostering growth in the Web3 sector, with a focus on “systematically supporting connected sectors” and upholding users’ rights.

To build a solid foundation for the advancement of the metaverse, the committee will work with the Minister of Science, Technology, and Information and Communication to develop a strategy for the activation of the metaverse every three years. The legislation will also concentrate on ensuring that businesses operating in the metaverse sector comply with regulatory requirements and maintain a secure environment.

The government has been generating a lot of interest in the metaverse with the vision to be one of the biggest players in the sector in the near future and has revealed plans to invest 195.4 billion won in metaverse-related initiatives.

Ethical Principles for the Metaverse

 South Korea understands the huge potential in the metaverse industry, both economically and socially, and is actively exploring it, to ensure the nation enjoys all its benefits. South Korea’s Ministry of Science and ICT (MSIT) has created the first draft of core ethical principles for the virtual world

Among the principles that the Ministry has set, the priorities include intact self-identity, safe enjoyment, and sustainable prosperity. The MSIT has also emphasized the importance of the core principles of authenticity, reciprocity, autonomy, data protection, justice, respect for privacy, responsibility, and inclusion. These are intended to serve as guidelines for avoiding abuse, harassment, and bullying.

 South Korea Fostering Crypto Adoption

South Korea has long been involved in the cryptocurrency space. On 31 August 2022, The city of Seoul launched a closed test run of the first stage of its metaverse project after investing nearly $33 million in an initiative called “Metaverse Seoul.” The test run will feature the virtual reconstruction of Seoul city hall and the Seoul Plaza, where participants can participate in interactive activities and games.

In February 2022, the country made a $186 million investment in the metaverse. The investment was part of the Digital New Deal agenda, with the idea that it will create jobs and boost the country’s economy. Solana has also announced a $100 million fund for Web3 startups in the country.

There have also been significant investments into other niches of cryptocurrency and blockchain technology as The world’s largest crypto exchange recently announced a re-entry into the South Korean Market.