In Wednesday’s government briefing, South Korea’s MSIT (Ministry of Science & ICT) confirmed the issuance of new laws to monitor the metaverse, quitting old gaming laws. The ministry highlighted that the new regulations would promote and ensure widespread metaverse adoption.
There are concerns that the nations would impose gaming rules on the metaverse. That would translate to treating the whole thing as video gaming. Nevertheless, MIST ICT Policy’s general director Park Yoon-kyu hinted at a distinction between government admins (despite remarkable similarities).
He stated they wouldn’t use existing laws to regulate a new service. Park believes that implying outdated regulations to innovation, such as the metaverse, will limit its growth. Remember, South Korea bans video games from incentivizing players with cash rewards, a law applied to curb gambling.
Distributed ledger games often reward gamers with things like NFTs, and using these regulations in the metaverse will mean banning gaming on digital worlds. South Korean metaverse projects have already established a reward framework for players, with some authorizing liquidations as other allows participants to spend loot online.
For instance, SK Telecom’s virtual world Ifland has instituted a point reward model for gamers to liquidate their game earnings. Metaverse and digital coins’ fans should prepare for more notices from the lately inaugurated committee in the upcoming times.
South Korea’s Metaverse Move
New South Korean president Yoon Suk-yeol maintained a visible interest in virtual coins, making them the primary focus during this campaign. His presidency has promoted the nation’s move to be the globe’s metaverse hub, rolling out multiple policies.
The nation has invested approximately $300M (since January) to establish a metaverse ecosystem. Companies received incentives to switch some of their undertakings to the metaverse amid the goal to cement South Korea as the sector leader.
South Korea reveals its metaverse projections on various grounds. First and foremost, the country expects to train around 40,000 individuals about the metaverse and bolster its digital economy. Park said it’s vital to ensure a massive virtual space as an initial step to fostering the growing virtual space.