South Korean Ministry Considers Enacting Special Metaverse Laws to Foster Web3 Innovations
According to South Korea's MSIT, regulating the metaverse as a video game may not bode well for the industry's growth in the long term. As such, it will only make sense to regulate this ecosystem with new laws.
South Korea's MSIT is looking to ease regulations around the metaverse
At a government briefing last week, South Korea's Ministry of Science and ICT (MSIT) announced plans to enact special metaverse laws to foster blockchain innovations in Korea. The move came after the agency received multiple feedback from big players in Web3.
According to MSIT, the ministry will not apply current video game laws to the metaverse. But instead, they will come up with a more rational and consistent regulatory framework by establishing guidelines for game products and virtual worlds. This should be completed before the end of this year.
"We will not make the mistake of regulating a new service with an existing law," said Park Yoon-kyu, director-general of the Office of ICT Policy under MSIT.
Apparently, the government is willing to make some exceptions too. For instance, if a virtual world is being deployed to promote South Korea in international events such as the 2030 Busan Expo, it will not be classified as a game - even if it contains gaming elements.
Based on a statement from MSIT, regulating the metaverse as a video game may hinder the industry's growth in the long term. As such, it will only make sense to regulate this budding ecosystem with new laws. The agency also considers improving rules around other emerging sectors, such as autonomous driving and OTT streaming platforms.
On South Korea's efforts to lead the global metaverse race
Earlier this month, South Korean officials announced plans to enact a new bill called the Metaverse Industry Promotion Act. If it gets approved, it will help bolster the metaverse development in the country, putting South Korea at the forefront of Web3 innovations.
In fact, two major cities in Korea, Seoul and Seongnam, are looking to establish their presence in the virtual realm. Last month, the capital city of South Korea completed the first test run for its virtual project "Seoul Metaverse". And just last week, Seongnam revealed its intention to issue NFT citizenships in "Metaverse Special City Seongnam".