South Korean Ministry recommends enactment of special Metaverse laws

South Korea’s Ministry of Science and Information and Communication Technology (MSIT) has revealed plans to move away from imposing traditional video game laws on the Metaverse. Instead, the ministry decided to issue new guidelines to stimulate the growth of the nascent ecosystem.

South Korea’s interest in acquiring Web3 and the Metaverse ecosystem is Evidenced by the investment of 200 million dollars Made to create the Metaverse at home. Parallel to this effort, the Ministry of Information Technology has identified the imposition of old regulations as a deterrent to the growth of new ecosystems.

at first Meeting From the National Data Policy Committee, the Ministry of Communications and Information Technology noted that “we will not make the mistake of regulating a new service with the current law.” However, discussions about setting up the Metaverse as a video game are still on the table.

The ministry decided that new industries – including Metaverse, autonomous driving and OTT broadcast platforms – require the formation of new regulations. Regarding the Metaverse, MSIT has raised concerns about hampering industrial growth due to a lack of legal and institutional basis. Revealing the plan, an initial translation of the press release read:

“Developing game product classification guidelines and regulations for a logical and consistent organization and support for the enactment of relevant laws (enactment of special metaverse laws, etc.)”

Previously, on September 1, members of the National Assembly endorsed a formal proposal to enact the Metaverse Industry Promotion Act to support the Web3 industry.

Related: South Korea issues arrest warrant for founder of Terra Do Kwon

While supporting the growth of new technologies, the South Korean authorities are continuing their crackdown on the people who run the Terra ecosystem.

South Korean prosecutors allege that Do Kwon, co-founder and CEO of Terraform Labs, deceived investors by issuing LUNA and USTC without notifying investors of the risk that the price of both would fall together.

As a result, the plaintiffs filed applications with the authorities to cancel the passports of Kwon and the passports of other Terra employees.