The South Korean Ministry of Science (MSIT) previously planned to introduce traditional video game laws as a regulatory measure for the metaverses. But the other day, the ministry announced its intention to issue completely new separate recommendations for regulating and stimulating the future ecosystem’s growth.
South Korea is an exciting country creating web 3 ecosystems and the metaverse. Confirmation of this is the investment of more than 100 million dollars, which the country has sent to create its metaverse.
The South Korean Ministry of Science believes that the previously established rules for the video game sector are outdated and serve as a deterrent to the growth of new ecosystems. However, there are still discussions about whether the metaverse can be considered a game or not.
MSIT’s concern is due to the curbing of industrial growth, as there is no correct legal framework. It is worth adding that in early September, a formal proposal to pass a special law to promote the metaverse to support the Web3 industry was approved by members of the National Assembly.
In addition, the support of blockchain technologies and the interest in cybersecurity of the South Korean authorities are also evidenced by the fact that the persecution of the managers of the Terra ecosystem continues.
Do Kwon, who is the CEO, according to prosecutors, deceived investors by not notifying them of a possible sharp drop in LUNA and USTC tokens. The result was an appeal by the prosecutor’s office to the authorities demanding that the passports of all Terra employees, including Do Kwon, be cancelled.
