South Korea Increases Its Efforts To Control The Metaverse

South Korea keeps getting more and more involved in Web3 and the Metaverse. The government of the nation is now drafting a “Metaverse Industry Promotion Law” after spending over $200 million to build its own metaverse ecosystem and publishing the “Metaverse Ethical Principles.”

As reported by local media on Sep. 1, Heo Eun-ah, a member of the National Assembly with an entrepreneurial past, proposed the enactment of the Metaverse Industry Promotion Act to support the Web3 industry. A number of other National Assembly members supported the Eun-ah proposal.

The bill states that the policies promoting the development of the Metaverse in the nation would be decided upon by the Metaverse Policy Review Committee, which would report directly to the Prime Minister. Every three years, a final plan would be defined by the Minister of Science and Information and Communication Technologies.

The bill also mentions incentives for businesses that would move their operations to the Metaverse while meeting the standards of excellence, like safeguarding the data of individual users.

Data from the Ministry of Science and Information and Communication Technologies indicates that in 2023, the government will spend 195.4 billion won (about $140 million) on key Metaverse-related projects.

South Korean government’s growing interest in the Metaverse

Since the start of 2022, when two big retailers launched metaverse and artificial intelligence integration for their platforms to improve customer experience, reports concerning the South Korean government’s growing interest in the Metaverse have begun to surface.

A collaborative group of South Korean government and private partners issued the draft of the Expanded Virtual World Ethics Principles on August 26. The document focuses on concerns including copyright protections and personal data privacy.

Under the Digital Assets Framework Act, which is expected to take effect in 2023, the South Korean central bank plans to abolish the prohibition on initial coin offerings (ICOs) that was issued back in 2017.

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