The South Korean government is working on a Metaverse Industry Promotion Law to promote development in the industry. This was proposed by representative Eun-ah Huh. It will lay out the groundwork for various policies related to the virtual world.
The Metaverse Policy Review Committee will work on policies to establish and encourage development in the industry, with focus on systematically supporting related industries and protecting users’ rights. The Committee will partner with the Minister of Science, Technology and Information and Communication for the activation of the Metaverse every three years. By doing so, a stable foundation for promotion will be created. The Ministry of Science and ICT (MSIT) has created the first draft of core ethical principles for a new digital frontier.
The South Korean government has expressed deep interest in the Metaverse and hopes to become a hub for the same. It even has set aside a budget of 195.4 billion won for the metaverse-related initiatives as it sees a lot of potential in it. Meanwhile, officials are working on the groundwork for the existence of a metaverse industry. MSIT believes in the core values of authenticity, reciprocity, autonomy, data protection, fairness, respect for privacy, responsibility, and inclusion. The ministry wants these to be the guiding principles to prevent abuse, harassment and bullying in the metaverse.
South Korea had initially highlighted its interest in the metaverse when it made a $186 million investment in the industry in February 2022. This was part of the Digital New Deal agenda. The government wants to create jobs and bevy of companies working in this space. Furthermore, South Korea is creating regulations in the crypto sector for the safeguarding of investors and traders.