To encourage growth in the economy, members of South Korea’s ruling party are drafting a “Metaverse Industry Promotion Law.” According to local media, the law was introduced by representative Eun-ah Huh and will concentrate on setting the foundation for numerous metaverse-related regulations.
The priority will be on systematically supporting associated industries and safeguarding users’ rights as the Metaverse Policy Review Committee discusses policies on how to build and foster industrial growth. To build a solid platform for promotion, the Metaverse Policy Review Committee will collaborate with the Minister of Science, Technology, and Information and Communication on the implementation of the Metaverse every three years.
It’s unclear what the “implementation of the Metaverse” statement exactly means, but it’s evident that the government has shown a lot of interest in the concept and wants to serve as a hub for the same. 195.4 billion won will be allocated by the government for activities connected to the metaverse.
Because they see a lot of potential in the idea, South Korean policymakers have concentrated on creating the foundation for a metaverse sector. The first proposal of fundamental ethical standards for a new digital frontier has been produced by South Korea’s Ministry of Science and ICT (MSIT).
It has outlined the importance of maintaining self-identity, enjoying life safely, and achieving lasting prosperity. The key principles of originality, fairness, independence, data protection, fairness, respect for privacy, responsibility, and inclusiveness were underlined by the MSIT as being crucial in order to achieve these aims. These are intended to serve as guidelines for preventing abuse, harassment, and bullying.
The nation invested $186 million in the sector in February 2022, signalling its interest in the metaverse. The money was invested as part of the Digital New Deal initiative, and it is hoped that this would lead to more businesses in this field and the creation of jobs.