SEOUL, South Korea - South Korea has taken a groundbreaking step to solidify its position in the burgeoning metaverse sector.
The country's Ministry of Science and ICT announced the approval of the Metaverse Promotion Act, which provides a regulatory framework and support for companies operating in this innovative digital space.
The new legislation systematically defines the metaverse while facilitating the development of related industries and addressing potential regulatory issues.
Highlights of the legislation include
- Three-year plans: The Minister of Science and ICT will formulate three-year master plans to outline the promotion of the metaverse, including policy directions, infrastructure development, research support, and regulatory improvements.
- Building a foundation: The government will focus on training metaverse professionals, promoting technology development, supporting standardization, and creating a research base.
- Metaverse Support: Initiatives include designating specialized agencies, managing regional support centers, and strengthening international cooperation for market expansion.
- User Protection: Users will benefit from educational resources, protection for children and youth, and measures against discriminatory content or unfair treatment.
The law signals South Korea's commitment to proactive regulation in the metaverse, thereby increasing investor and business confidence.
The legislation will take effect after a six-month grace period to allow for the preparation of enforcement measures.
