South Korea’s Ministry of Science and ICT (MSIT) has decided to issue a set of metaverse-related guidelines in an attempt to incentivize its growth. In a recent press release, the Ministry confirmed its view on ditching the application of traditional video gaming laws to the budding realm.
The Ministry added that the metaverse, as a service, is being considered on a par with OTT platforms and autonomous driving.
Explaining the move during its first National Data Policy (NDP) committee meeting, MSIT said that it would not try and regulate a new service with an existing set of laws. The lack of a regulatory framework and a legal/institutional basis is the primary reason why metaverse-specific industrial growth is painfully sluggish, MSIT concluded.
The progressive statement comes at a time when crypto and Web 3.0 regulations are being talked about globally.
South Korea’s optimistic stance on the metaverse and Web 3.0 isn’t entirely new. The country saw the enactment of the Metaverse Industry Promotion Act, a law that offered a boost to the Web 3.0 vertical, on 1 September 2022. The country has even invested close to $200 million to create and strengthen its in-house metaverse ecosystem.
The South Korean government budget for specific metaverse projects will see an inflow of $140 million by 2023, according to the data released by MSIT.