South Korean Government is Now Working on a Metaverse Industry Promotion Act
Apparently, the newly enacted bill will help speed up the metaverse development in South Korea. Let's dive in!
South Korea is planning to lead the global metaverse race through the Metaverse Industry Promotion Act
This just in. South Korean officials are now working on a new bill dubbed the Metaverse Industry Promotion Act to expand the nation's presence in Web3. According to MBN Korea, representative Eun-ah Huh is the one who proposed such laws to lay the groundwork for promoting the local metaverse industry.
Under this bill, South Korea's Metaverse Policy Review Committee will deliberate and review policies available to strengthen the metaverse sector. Every three years, the Minister of Science and ICT (MSIT) will establish a plan for the metaverse's activation. Thus, creating a stable foundation for growing the nascent industry in Korea.
There are not many details yet. But in essence, the Metaverse Industry Promotion Act will incentivize high-quality businesses that switch to the virtual world. What's more, the newly enacted bill seeks to protect users' privacy and prevent copyright infringements in the metaverse.
One thing's for sure is that the upcoming Act has received encouraging support from ruling officials in South Korea. In fact, the governing party is looking to increase the budget for metaverse projects in 2023 to 195.4 billion won. That's a 5.4 billion won boost compared to the current allocation.
South Korea is no doubt one of the mega nations out there that see immense potential in the virtual world. In February, the Asian country set aside $186.7 million to build a full-fledged metaverse ecosystem. It was launched as part of the "Digital New Deal" program to invest in new, emerging technologies.
Although the government has no issues investing in the metaverse, firms are not allowed to launch P2E games in South Korea. Certain industry leaders, however, expect the new administration under President Yoon to lift the ban on blockchain games next year.