South Korean officials are working on the development of a Metaverse Industry Promotion Law. The government has taken various actions to establish itself in the world of web3.
These statements shows that countries know the potential of web 3 technologies like metaverse NFT and De-fi .
Officials of South Korea’s ruling political party are working to create an “Metaverse industry promotion law” in an effort to boost growth in the field. Local media said that this law had been suggested by the representative Eun-ah Huh. The law will concentrate on laying the foundation for policies relating with the metaverse.
The Metaverse Policy Review Committee will consider the policies that will establish and foster growth in the industry with a focus on “systematically aiding the related industries” as well as protecting the rights of users. It is expected that the Metaverse Policy Review Committee will collaborate alongside the minister of Science, Technology, and Information and Communication to ensure to ensure the “activation of the Metaverse every three years in order to build solid foundations for the promotion.”
It’s not clear what the second phrase means in particular however, the government is certainly manifesting a great deal of enthusiasm for the metaverse and is hoping to be a center for it. The budget for government-related related initiatives to the metaverse is 195.4 billion won.
South Korea’s ethical guidelines for the metaverse
South Korean officials have focused on laying the foundations the possibility of a metaverse-related industry since they believe there’s an abundance of potential in the idea. The South Korean Ministry of Science and ICT (MSIT) has put together its first version of ethical standards for the new digital frontier.
The main priorities the MSIT has outlined include a strong self-identity, secure enjoyment as well as sustainable prosperity. To help achieve these goals MSIT MSIT stressed the fundamental values of reciprocity, authenticity independence, autonomy, protection of data integrity and respect for privacy. accountability and inclusion as the most important. It hopes that these values will serve as the guiding principles to stop harassment, abuse and bullying.
Looking to be the first-time movers
The interest of the United States in the metaverse was apparent when it announced an 186-million contribution to this field during February of 2022. The venture was included in the Digital New Deal agenda, and the expectation is that it will lead to jobs as well as a plethora of companies in the field. Solana Also, Solana made public an 100 million fund for web3-related startups across the nation.
South Korea is in the process of establishing a number of crypto-related regulations. This includes taxation and a review of cryptocurrency-related bills.