South Korea Will Issue A Guideline For Regulating The Metaverse

The Ministry of Science and ICT (MSIT) revealed during a government briefing on Wednesday that South Korea will create a guideline for regulating the metaverse rather than applying current law to video games.

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This year, guidelines will be developed to better promote and disentangle the metaverse from video games.

While conceding that certain parts of the metaverse are similar to traditional video games, Park Yoon-kyu, director-general of the MSIT’s Office of ICT Policy, stated:

“We will not make the mistake of regulating a new service with an existing law.”

In South Korea, there is a continuous dispute about whether the metaverse should be classified as a video game. To discourage excessive speculation, South Korea presently prohibits the use of cashable incentive systems in online or mobile games, including those based on blockchain technology.

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Ifland, a local metaverse run by SK Telecom, has implemented a point reward system that specific users may cash out. According to SK Telecom, the gaming limits in Korea have no effect on its metaverse.

The statement comes as part of the first meeting of the new cross-ministerial group tasked with supervising the digital data business. Korea has recently tightened criminal management in the metaverse.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.