South Korean ministry recommends enactment of special Metaverse laws

The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines for incentivizing the growth of the budding ecosystem.

South Korea’s interest in garnering Web3 and the Metaverse ecosystems is evidenced by the $200 million investment it made for the creation of an in-house Metaverse. Running parallel to this effort, the MSIT identified that imposing older regulations serve as a deterrent to the growth of new ecosystems.

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