The South Korean Ministry of Science and ICT (MSIT) has revealed its plans to stop enforcing traditional video game laws in the metaverse. Instead, the ministry has decided to publish new guidelines to encourage the growth of the fledgling ecosystem.
South Korea’s interest in the Web3 ecosystem and the Metaverse is evident in the $200 million investment it made to create its own Metaverse. Parallel to this effort, the MSIT identified that the imposition of old regulations serves as a brake on the growth of new ecosystems.
At the first meeting of the National Data Policy committee, the MSIT stated that “we will not make the mistake of regulating a new service with existing legislation”. However, the discussions around the designation of the Metaverse as a video game are still on the table.
The ministry decided that new industries — including the Metaverse, autonomous driving and OTT streaming platforms — require the formation of new regulations. In regards to the metaverse, the MSIT expressed concern about the possibility of hampering industrial growth due to the lack of legal and institutional basis. A rough translation of the press release reveals the plan:
“Establish guidelines for the classification of gaming products and metaverses for rational and consistent regulation and support the enactment of related laws (enactment of special metaverse laws, etc.)”
Previously, on September 1, members of the National Assembly supported an official proposal for the enactment of the Metaverse Industry Promotion Act to support the Web3 industry.
While supporting the growth of new technologies, the South Korean authorities continue their offensive against those responsible for the Terra ecosystem.
South Korean prosecutors say Do Kwon, the co-founder and CEO of Terraform Labs, allegedly defrauded investors by issuing LUNA and USTC without notifying them of the danger that the price of both would crash at the same time.
Therefore, prosecutors have asked the authorities to revoke the passport of Kwon and other Terra employees.
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