South Korean authorities plan to develop a law for the metaverse – Bits Media

The National Policy Committee of the Ministry of Science and Information and Communications Technology of South Korea announced, that "we won't make a mistake, legislatively regulating a new industry".

Officials decided, that metavselnaya, autonomous driving platforms cars and streaming online television and cinemas require the formation of new legal norms. MSIT believes, that the lack of a regulatory framework for the metaverse is holding back the industry's growth:

“Principles for the classification of gaming products and metaverses should be established for rational and consistent regulation with the adoption of appropriate laws”.

At the same time, discussions about, to consider the metaverse a video game, in the South Korean government are still underway.

In February the ministry announced, that it plans to allocate government funding in the amount of $185 million to create your own metaverse. Officials promised, that they will make more efforts to develop virtual universes, by investing additional in the industry $140 Milln K. 2023 year. Besides, South Korean MPs are going to pass a law to support content creators for metaverses. In August, the country's authorities announced the start of implementation of the “New Digital Deal 2.0” plan., according to which the country invests more $4 billion in the development of a “world-class metaverse ecosystem”. South Korean authorities were the first in the world to announce in June, what they are going to spend on investing in the metaverse.