The country’s ruling party officials are working on drafting a "Metaverse Industry Promotion Law" to encourage industry growth. According to local media, the law was envisioned by Representative Eun-ah Huh and will establish the foundation for various policies.
The Metaverse Policy Review Committee will analyze policies for establishing and encouraging industrial development, with a focus on systematically assisting related industries and protecting users' rights. They will collaborate with the Minister of Science, Technology, and Communication and Information to ensure the annual activation of the Metaverse to establish a solid foundation for promotion.
The latter point is unclear, but the government has shown a strong interest in the digital world and wishes to serve as a hub for it. The government's budget for the projects will be 195.4 billion won.
South Korea's metaverse ethical principles
Representatives have decided to focus on preparing the way for establishing a metaverse industry because they believe the concept has a lot of potential. The Ministry of Science and ICT (MSIT) of South Korea has developed the first draft of core ethical standards for a new digital frontier.
It has established three priorities: intact self-identity, safe enjoyment, and long-term prosperity. To support these priorities, the MSIT emphasized the importance of core values such as authenticity, reciprocity, autonomy, data security, fairness, respect for privacy, obligation, and inclusion. It hopes these principles will serve as guiding principles in preventing abuse, harassment, and bullying.
The country's interest in the metaverse was apparent when it invested $186 million in the market in February 2022. The investment is part of the Digital New Deal plan, and the optimism is that it will generate jobs and a slew of companies in this field. Solana has also revealed a $100 million fund in the country for web3 startups.
South Korea is in the process of developing a slew of cryptocurrency regulations. This includes taxation as well as a review of digital assets legislation.