South Korea’s Ministry of Science and ICT (MSIT) has revealed plans to move away from imposing traditional gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines to encourage the growth of the budding ecosystem.
South Korea’s interest in harvesting Web3 and the Metaverse ecosystems is evidenced by the $200 million it made for the creation of an in-house Metaverse. Running parallel to that effort, the MSIT identified that imposing older regulations acts as a deterrent to the growth of new ecosystems.
In the first meeting of the National Data Policy Committee, MSIT noted that “We will not make the mistake of regulating a new service with existing law.” However, discussions about naming the Metaverse as a video game are still on the table.
The ministry decided that new industries – including the Metaverse, autonomous driving and OTT streaming platforms – require the formation of fresh regulations. Regarding the Metaverse, MSIT raised concerns about hindering industrial growth due to a lack of legal and institutional basis. Revealing the plan, a rough translation of the press release read:
“Establish guidelines for classification of game products and metaverses for reasonable and consistent regulation and support for enactment of related laws (enactment of special metaverse laws, etc.)”
Previously, on September 1, members of the National Assembly supported an official proposal for the enactment of the Metaverse Industry Promotion Act to support the Web3 industry.
Related: South Korea issues an arrest warrant for Terra Founder Do Kwon
While supporting the growth of new technologies, South Korean authorities continue their crackdown on people taking care of the Terra ecosystem.
South Korean prosecutors allege that Do Kwon, the co-founder and CEO of Terraform Labs, allegedly defrauded investors by issuing LUNA and USTC without informing investors of the danger that the price of the two could merge.
As a result, the prosecutors petitioned with authorities to revoke the passports of Kwon and other Terra employees.