The South Korean Ministry of Science and ICT (MSIT) has decided to publish new guidelines with the aim of promoting the growth of the metaverse ecosystem.
South Korea has been following a very active policy on metaverse development since the beginning of 2022. One of the most recent examples of this is South Korea’s $200 million investment in September to develop its own web3 and metaverse ecosystem.
South Korea Expands Web3 and Metaverse Regulations
Determining that old regulations hinder the growth of new ecosystems, South Korea’s Ministry of Science and ICT (MSIT) announced that they want to move away from imposing their traditional laws on the metaverse.
The South Korean government published the Metaverse Code of Ethics in September and announced new plans for the industry. MSIT has announced that it will issue new guidelines to encourage the growth of the burgeoning metaverse ecosystem, relying on its reports showing growing interest in the metaverse.
MSIT has decided to establish new regulations for new industries including metaverse, autonomous driving and OTT streaming platforms.
At the first meeting of the National Data Policy committee, MSIT expressed concern about the metaverse that the lack of legal and institutional foundation is hampering industrial growth, saying:
“We will not make the mistake of regulating a new ecosystem with old regulations”
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