South Korean ministry recommends enactment of special Metaverse laws and regulations

The Secretary of state for Science and ICT (MSIT) of Columbia revealed intends to escape from imposing traditional gambling laws and regulations around the Metaverse. Rather, the ministry made the decision to issue new guidelines for incentivizing the development from the budding ecosystem.

South Korea’s curiosity about garnering Web3 and also the Metaverse environments is evidenced through the $200 million investment it made in order to obtain an in-house Metaverse. Running parallel for this effort, the MSIT identified that imposing older rules function as a deterrent towards the development of new environments.

Within the first meeting from the National Data Policy committee, MSIT noted that “We won’t result in the mistake of controlling a brand new service with existing law.” However, discussions around designating the Metaverse like a gaming continue to be up for grabs.

The ministry made the decision that new industries — such as the Metaverse, autonomous driving and OTT streaming platforms — demand the development of fresh rules. Regarding the Metaverse, MSIT elevated concerns about hindering industrial growth as a result of insufficient legal and institutional basis. Revealing the program, a tough translation from the pr release read:

“Establish guidelines for classification of game products and metaverses for rational and consistent regulation and support for enactment of related laws and regulations (enactment of special metaverse laws and regulations, etc.)”

Formerly, on Sept. 1, people from the National Set up supported the official proposal for that enactment from the Metaverse Industry Promotion Act to aid the Web3 industry.

Related: Columbia issues arrest warrant for Terra Founder Do Kwon

While supporting the development of recent technologies, South Korean government bodies continue their attack on people running the Terra ecosystem.

South Korean prosecutors declare that Do Kwon, the co-founder and Chief executive officer of Terraform Labs, allegedly defrauded investors by issuing LUNA and USTC without notifying investors from the danger the cost of both could plummet together.

Consequently, the prosecutors have applied with government bodies to revoke Kwon’s along with other Terra employees’ passports.

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