The government officials of South Korea are working on new measures to keep the promotion of Metaverse & Web3-based projects under a precise policy, to save the rights of citizens & also to keep the innovation under a systematic approach.
South Korea is a tech adoptive country and also introduced fully clear laws & policies in this sector to bring clarity to the crypto industry. In late 2021, South Korean Watchdogs suspended many crypto exchanges, which failed to secure full regulatory approval from all corresponding regulatory bodies. Due to new measures, almost 95% of crypto companies are operating crypto trade services without support from the Korean won.
Many Korean local media reports reported that Officials from South Korea’s ruling party are precisely working to issue new measures in favor of the Metaverse-based projects, to promote development in the industry.
According to the report, the representative Eun-ah Huh proposed the new law for “Metaverse Industry Promotion Law”. Now new policies will help the companies to work under systematic rules so that development should be better with the safety of the users’ rights in the virtual world of Metaverse.
The new proposed law will be further examined by Metaverse Policy Review Committee, to ensure that policies are quite right to bring better innovation in the country under legal frameworks.
However, it is so far unconfirmed whether the Korean government wants to impose some restrictions on Metaverse-based projects or not but it is fully confirmed that the government is eagerly interested in this sector and also will invest around 195.4 billion own metaverse-relatedated projects.
Earlier, In early this year, South Korean watchdogs issued orders for all the virtual game companies, especially the Metaverse-related projects team, to ensure that no one person using abusive words or using different kinds of language to facilitate illegal information via the platform. At that time, all the virtual reality game platforms & Metaverse project operators were ordered by the Koran government to maintain an abusive free ecosystem in the virtual world and also to report even if any person misbehaving or use abusive words.