South Korean Officials Working on ‘Metaverse Industry Promotion Law’

South Korean officials are working on a Metaverse Industry Promotion Law. The government has been taking multiple steps to establish a presence in the web3 sector.

Officials from South Korea’s ruling party are working on creating a “Metaverse Industry Promotion Law” in a bid to promote development in the industry. Local media outlets reported that the law was proposed by representative Eun-ah Huh and will focus on laying the groundwork for various policies related to the metaverse.

The Metaverse Policy Review Committee will discuss policies on how to establish and encourage development in the industry, and the focus is on “systematically supporting related industries” and protecting users’ rights. The Metaverse Policy Review Committee will work with the Minister of Science, Technology, and Information and Communication for the “activation of the Metaverse every three years to create a stable foundation for promotion.”

It’s unclear what the latter point means exactly, but the government has certainly been displaying a lot of interest in the metaverse and hopes to become a hub for it. The government budget for the metaverse-related initiatives will be 195.4 billion won.

South Korean officials have focused on laying the groundwork for the existence of a metaverse industry because it believes that there is a lot of potential in the concept. South Korea’s Ministry of Science and ICT (MSIT) has created the first draft of core ethical principles for a new digital frontier.

The priorities that it has laid out are intact self-identity, safe enjoyment, and sustainable prosperity. To support these priorities, the MSIT highlighted the core values of authenticity, reciprocity, autonomy, data protection, fairness, respect for privacy, responsibility, and inclusion as being paramount. It hopes that these will act as guiding principles to prevent abuse, harassment, and bullying.

Aiming to be a first mover

The country’s interest in the metaverse was clear when it made a $186 million investment in the industry in February 2022. The investment was part of the Digital New Deal agenda, and the hope is that it will create jobs and a bevy of companies working in this space. Solana has also announced a $100 million fund for web3 startups in the country.

South Korea is in the midst of creating a lot of regulations on crypto. This includes taxation and a review of cryptocurrency-related bills.