South Korea proposes regulation for the Metaverse

South Korea lays the next foundation for Web3 and the Metaverse. After the Asian country recently invested almost 200 million US dollars in the development of its own Metaverse ecosystem and formulated "Ethical Guidelines for the Metaverse", a first draft law to promote the sector is now being presented.

As reported by South Korean media on September 1, MP Heo Eun-ah introduced the relevant bill called the Metaverse Industry Promotion Act, which is intended to help promote Web3. Several MEPs have already announced that they will support the proposal.

Under the draft, a dedicated Metaverse Strategy Review Board, reporting directly to the Prime Minister, would set the specific policy directions for promoting the Metaverse, while the Department of Communications and Information Technology would develop an overarching plan every three years.

In addition, the proposed law suggests that companies that convert parts of their business operations to the Metaverse should also be encouraged to do so. At the same time, however, strict requirements must be met, for example those relating to data protection.

According to information from the IT Ministry, the South Korean government intends to provide almost 140 million US dollars for Metaverse projects in 2023. In February, the ministry had already disclosed that approximately 186.7 million US dollars will flow into the national Metaverse project.

Increased interest in the Metaverse in South Korea came earlier this year after the country's two largest online retailers integrated the Metaverse into their respective platforms.

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