No products in the cart.
- Latest
- Trending
ADVERTISEMENT
South Korea’s Ministry of Science, Technology and Information and Communications (MSIT) has revealed plans to move away from imposing traditional video game laws on the Metaverse. Instead, the ministry has decided to issue new guidelines to encourage the growth of budding ecosystems.
South Korea’s interest in acquiring Web3 and the Metaverse ecosystem is evident with its $200 million investment in creating Metaverse in-house. In parallel with this effort, MSIT confirmed that imposing old regulations would hinder the growth of the new ecosystem.
At first meeting MSIT, the National Data Policy Board, says it “does not make the mistake of regulating new services with existing laws.” However, there are still discussions about designating the Metaverse as a video game.
The ministry has determined that new industries such as the metaverse, autonomous driving, and OTT streaming platforms require new regulation formulation. Regarding the Metaverse, MSIT expressed concern about hindering industry growth due to lack of legal and institutional basis. Here’s a rough translation of the press release revealing the plans:
“Establish guidelines for the classification of game products and the Metaverse for reasonable and consistent regulation, and assist in the enactment of relevant laws (such as enactment of the Metaverse Special Act).”
Earlier on September 1st, members of Congress supported a formal proposal to enact the Metaverse Industry Development Act to support the Web3 industry.
Related: South Korea issues arrest warrant for Terra founder Do Kwon
While supporting the growth of new technology, South Korean authorities continue to crack down on those who run the Terra ecosystem.
South Korean prosecutors have accused Terraform Labs co-founder and CEO Do Kwon of investing in the issue without informing investors that both LUNA and USTC prices could plummet at the same time. claiming to have defrauded the house.
As a result, the prosecution petitioned authorities to revoke the passports of Mr. Kwon and other Terra employees.
