A South Korean ministry has recommended that special Metaverse laws be enacted.

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Last Updated on September 19, 2022 by Bitfinsider

South Korea’s Ministry of Science and ICT (MSIT) announced plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines to encourage the development of the fledgling ecosystem.

South Korea’s interest in acquiring Web3 and Metaverse ecosystems is demonstrated by a $200 million investment in the development of an in-house Metaverse. Parallel to this effort, the MSIT discovered that imposing older regulations acts as a deterrent to the development of new ecosystems.

MSIT stated during the first meeting of the National Data Policy Committee, “We will not make the mistake of regulating a new service with existing law.” However, discussions about classifying the Metaverse as a video game continue.

The ministry determined that new industries, such as the Metaverse, autonomous driving, and OTT streaming platforms, necessitate the development of new regulations. Concerning the Metaverse, MSIT expressed concern that a lack of legal and institutional foundations would stifle industrial growth.

Members of the National Assembly previously supported an official proposal for the enactment of the Metaverse Industry Promotion Act to support the Web3 industry on September 1.

While encouraging the development of new technologies, South Korean authorities continue to crack down on those who run the Terra ecosystem.

Prosecutors in South Korea claim that Do Kwon, the co-founder and CEO of Terraform Labs, defrauded investors by issuing LUNA and USTC without informing them of the risk that the prices would fall together.

As a result, prosecutors have requested that Kwon’s and other Terra employees’ passports be revoked.

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