South Korean government agencies are serious about the Metaverse future, Here is why?

Recently, MSIT recognized that imposing old regulations can hinder the growth of new ecosystems of Metaverse.

South Korea’s Ministry of Science and ICT (MSIT) has revealed plans to avoid imposing traditional video gaming regulations on Metaverse. Instead, the ministry has recently decided to issue fresh guidelines to encourage the growth of emerging ecosystems within the region.

South Korea’s interest in buying the Web3 and Metaverse ecosystems is a testament to its recent $200 million investment to build an internal Metaverse. Running parallel to this effort, to which MSIT recognized that imposing old restrictions can act as a barrier to the growth of new ecosystems and technological advancements.

In the first meeting of the National Data Policy Committee, MSIT said, “We will not be wrong to regulate the new service using the existing law.” However, discussions regarding Metaverse’s status as a video game are still on the table.

During the first meeting of the National Data Policy Committee, MSIT said,

“We will not regulate a new service using the currently existing laws.” However, the debate about calling Metaverse a video game is still a matter of discussion.

The ministry has decided to demand new regulations for new industries including Metaverse, autonomous driving, and OTT streaming platforms. About Metaverse, MSIT expressed concern over the lack of legal and institutional frameworks that hamper industrial growth.

While going through the translations of the press during the project reveal, which said that:

“Establish guidelines for the classification of game products and metaverses for rational and consistent regulation and support the enforcement of relevant laws (enforcement of specific metaverse rules, etc.)”

Earlier, on September 1, members of the National Assembly supported a formal proposal to enact the Metaverse Industry Promotion Act to support the Web3 industry.

South Korean prosecutors claim Terraform Labs co-founder and CEO Do Kwon defrauded investors by giving away Luna Classic (LUNC) and TerraUSD Classic (USTC), that he didn’t notify the investors of the possible consequences of the actions, and that the prices of both the issued tokens could drastically go down.

The prosecutors have also further applied and requested the authorities to revoke Kwon’s passport and various other Terra ecosystem employees.

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