September 26, 2022
By Anjali Kochhar
South Korea’s Ministry of Science and ICT (MSIT) announced renewed metaverse regulations during a government briefing last week.
As per the ministry statement, the new rules will encourage and precipitate the growing adoption of the metaverse.
“We will not make the mistake of regulating a new service with existing law,” MSIT stated at the first meeting of the National Data Policy Committee.
“Establish guidelines for classification of game products and metaverses for rational and consistent regulation and support for enactment of related laws (enactment of special metaverse laws, etc,” the statement’s rough translation read.
Over the last few years, South Korea has combined efforts to make its Metaverse ecosystem one of the best. One such initiative is the recent $200 million raise to establish a national Metaverse.
The Metaverse Policy Review Committee will collaborate with the Minister of Science, Technology, and Information and Communication to ensure the ‘activation of the Metaverse every three years to create a stable foundation for promotion.’
The committee will also discuss policies for establishing and encouraging industrial development. The authorities also intend to focus on protecting the rights of users. The government will spend 195.4 billion won on Metaverse-related initiatives.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.