{"id":24296,"date":"2022-09-19T10:55:45","date_gmt":"2022-09-19T05:25:45","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=24296"},"modified":"2024-04-29T17:25:14","modified_gmt":"2024-04-29T11:55:14","slug":"south-korea-to-issue-new-metaverse-guidelines","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/south-korea-to-issue-new-metaverse-guidelines\/","title":{"rendered":"South Korea to issue new metaverse guidelines"},"content":{"rendered":"

South Korea\u2019s 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<\/a>, the Ministry confirmed its view on ditching the application of traditional video gaming laws to the budding realm.<\/p>\n

The Ministry added that the metaverse, as a service, is being considered on a par with OTT platforms and autonomous driving.<\/p>\n

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.<\/p>\n

The progressive statement comes at a time when crypto and Web 3.0 regulations are being talked about globally.<\/p>\n

South Korea\u2019s optimistic stance on the metaverse and Web 3.0 isn\u2019t 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.<\/p>\n

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.<\/p>\n\n\n

FAQs<\/h2>\n\n\n
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What are South Korea’s metaverse regulations?<\/h3>\n
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South Korea’s Ministry of Science and ICT (MSIT) plans to enact special laws for the metaverse, intending to replace conventional gaming laws.<\/p>\n\n<\/div>\n<\/div>\n

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What is the metaverse plan in South Korea?<\/h3>\n
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South Korea aims to develop regulatory amendments specific to the metaverse, focusing on advancing technology through public-private partnerships.<\/p>\n\n<\/div>\n<\/div>\n

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What is the new rule in South Korea?<\/h3>\n
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The South Korean National Data Policy Committee announced plans to develop regulatory amendments tailored to the metaverse, reflecting the evolving digital landscape.<\/p>\n\n<\/div>\n<\/div>\n

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What are the guidelines for metaverse?<\/h3>\n
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The guidelines for the metaverse in South Korea involve advancing technology, enhancing public services, and establishing regulatory frameworks specific to virtual environments.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s 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 […]<\/p>\n","protected":false},"author":76,"featured_media":24297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6530],"tags":[6467,6536],"class_list":["post-24296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news-2","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-07-22T13:28:55+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Sunil Paul\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/sunil-pcoinswitch-co\/\",\"sameAs\":[\"sunilmathewpaul\",\"https:\/\/www.linkedin.com\/in\/sunil-mathew-paul-382302a\/\"],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/98e19e7160d41179bbf77157108dfaf6?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"key_takeways":false,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=24296"}],"version-history":[{"count":4,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24296\/revisions"}],"predecessor-version":[{"id":40064,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24296\/revisions\/40064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/24297"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=24296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=24296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=24296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}