South Korea has made an announcement stating that it will no longer enforce laws that hinder gaming activities within the metaverse. Over the past few years, the country has been considering implementing laws that regulate traditional gaming in this sector. However, with the new update, South Korea has revealed its intention to establish a fresh legal framework exclusively for guiding activities within the metaverse.
The country is keen on supporting new technologies and has dedicated significant efforts towards making its metaverse ecosystem one of the best. A recent example of this is the $200 million investment raised to develop a metaverse owned by South Korea. This investment demonstrates the country’s commitment to driving greater adoption of the metaverse.
Following this investment, the country’s Ministry of Science emphasized that applying outdated regulations to a new ecosystem would only hold it back. During a meeting, the regulatory body cautioned the country’s leadership against imposing old laws on new services. Many argued that such a move could potentially discourage participation and ultimately harm the metaverse.
Despite the decision to create a new law specifically for the metaverse, there are still some factions advocating for its regulation as a video game. However, others argue that new services, including the Metaverse and OTT streaming websites, require new regulations for protection. In regards to metaverse regulation, the agency highlighted the obstacles it could pose to the industry’s growth from a legal and institutional standpoint.
Earlier this month, there was a consensus to establish a new law solely dedicated to the metaverse, which would also govern the Web3 ecosystem. While South Korea has been actively supporting new technologies, it has also continued to crack down on the top executives at Terra. The government alleges that these executives were aware of potential financial losses but failed to provide a detailed explanation to investors. As a result, the passports of the founder and some top executives have been confiscated.
