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South Korea Working On Metaverse Incentive Law

South Korean officials are actively working on the Metaverse Incentive Act, reflecting the government’s commitment to establishing a presence in the Web3 industry.

The Ministry of Science and ICT (MSIT) in South Korea has announced the completion of the first draft of the core ethical principles for the Metaverse.

Additionally, the government has declared its intention to invest significantly in the Metaverse sector. This investment aims to create job opportunities and attract companies to the burgeoning field.

Metaverse Incentive Bill

South Korea Working On Metaverse Incentive Law

Officials from South Korea’s ruling party are actively working towards the creation of a ‘Metaverse Incentive Act,’ aiming to stimulate growth and development in the industry.

This initiative was brought to public attention through local media, which reported that the law was proposed by Representative Eunah Huh. Furthermore, Huh has expressed a commitment to establishing a foundation for various policies related to the Metaverse.

The Metaverse Policy Review Committee is set to deliberate on policies that will aid in the creation and promotion of industry development. A key focus will be on providing systematic support to relevant industries, with a strong emphasis on protecting user rights.

This committee will collaborate with the Minister for Science, Technology, and Information and Communications to implement strategies for the Metaverse every three years, thereby ensuring a stable platform for promotion.

While the specifics of the second point remain unclear, the government’s significant interest in the Metaverse is evident. The goal is to position South Korea as a central hub in the Metaverse worlds. It has also been disclosed that the government has allocated a budget of 195.4 billion won for Metaverse-related initiatives.

The Metaverse Code of Ethics of Guven Korea!

South Korea Working On Metaverse Incentive Law

South Korean officials believe there is a lot of potential in the Metaverse sector. For this, they focused on laying the foundations of the existence of the Metaverse industry. The South Korean Ministry of Science (MSIT) has created the first draft of the core ethical principles for a new digital frontier.

The priorities outlined in the draft are intact self-identity, safe entertainment and sustainable well-being. To support these priorities, MSIT has emphasized that core values ​​such as authenticity, reciprocity, autonomy, data protection, fairness, respect for privacy, responsibility and participation are priorities. The use of these principles will act as guiding principles to prevent harassment and bullying.

The country’s interest in Metaverse emerged in February 2022 when it invested $186 million in the industry. The investment was promoted as part of the Digital New Deal agenda. The initiative is expected to create employment and result in a large number of companies working in this sector.

In addition, Solana announced a $100 million fund for Web3 startups in the country. South Korea is in the process of creating a large number of regulations on crypto. These regulations include taxation and review of cryptocurrency related bills.

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