The Ministry Of South Korea's Sciences Does Not Yet Want To Apply Legislation Regulations For Metaverse

Metaverse is still given space to grow and thrive without being restricted. (photo: doc. pixabay)

JAKARTA - South Korea's Ministry of Science and ICT (MSIT) revealed plans to move away from implementing traditional video game laws on the Metaverse. Instead, the ministry decided to issue new guidelines to incentivize the growth of the novice ecosystem.

South Korea's interest in collecting Web3 and the Metaverse ecosystem is evidenced by its 200 million US dollars investment in the creation of the in-house Metaverse. In line with this effort, MSIT identifies that imposing longer regulations serves as a deterrent to the growth of the new ecosystem.

In the first meeting of the National Data Policy committee, MSIT noted that We will not make mistakes by regulating new services with existing laws. However, discussions about the appointment of Metaverse as a video game are still being discussed.

The ministry ruled that the new industry including Metaverse, autonomous driving, and OTT streaming platform demands the formation of new regulations. With regard to Metaverse, MSIT raises concerns about hampering industry growth due to lack of legal and institutional basis. Disclosing the plan, the rough translation of the press release reads:

Create guidelines for the classification of game products and metaverses for rational and consistent regulations as well as support for the implementation of related laws (implementation of special metaverse laws, etc.)

Previously, on September 1, members of the National Assembly supported an official proposal for the ratification of the Metaverse Industry Promotion Act to support the Web3 industry.

While supporting the growth of new technologies, South Korean authorities are continuing their crackdown on the people running the Terra ecosystem.

South Korean prosecutors claim that Do Kwon, co-founder and CEO of Terraform Labs, is suspected of defrauding investors by issuing LUNA and USTC without telling investors about the dangers that both prices could drop at the same time.

As a result, the prosecutor has submitted an application to the authorities to revoke Kwon's passport and other Terra employees.