Last Updated on September 2, 2022 by Bitfinsider

South Korea keeps getting more and more involved in Web3 and the Metaverse. The nation’s government is currently putting the finishing touches on the Metaverse Industry Promotion Ac after spending close to $200 million building its own metaverse ecosystem and disseminating the “Metaverse Ethical Principles.”

According to local media on September 1, Heo Eun-ah, a National Assembly member with a history in entrepreneurship, advocated passing the Metaverse Industry Promotion Act to aid the Web3 sector. Several other members of the National Assembly agreed with Eun-ah’s proposition.

The bill stipulates that the policies promoting Metaverse development in the nation would be discussed by the Metaverse Policy Review Committee, which reports to the Prime Minister, while the Minister of Science and Information and Communication Technologies would be responsible for defining a final plan every three years.

The bill also addresses the incentives for businesses that move their operations to the Metaverse while meeting the excellence standards like safeguarding user data.

Data from the Ministry of Science and Information and Communication Technologies indicates that in 2023, the government will spend 195.4 billion won (about $140 million) on key Metaverse-related projects. The Ministry announced in February that the Expanded Virtual World platform would get 223.7 billion won ($186.7 million).

Beginning in 2022, when two big shops debuted the integration of the metaverse and artificial intelligence for their platforms to improve customer experience, reports regarding the South Korean government’s growing interest in the metaverse began to surface.

A collaborative group of South Korean government and private partners issued the draft of the Expanded Virtual World Ethics Principles on August 26. The document focuses on concerns including copyright protections and personal data privacy.

A restriction on initial coin offerings (ICOs) was implemented in 2017 as part of the Digital Assets Framework Act, and it will be lifted by the South Korean central bank in 2023.

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