Metaverse laws considered in South Korea
The South Korean Ministry of Science and ICT (MSIT) has announced plans to refrain from enforcing traditional video game legislation in the metaverse. Instead, the ministry will release new guidelines and regulations specific to metaverse platforms. The new regulations will encourage wider use of the metaverse and will help the new ecosystem thrive.
According to the ministry, new industries demand the development of new rules. These new industries include over-the-top (OTT) streaming services, self-driving cars, and the metaverse.
Park Yoon-kyu, Director General of ICT Policy at the MSIT, believes that applying outdated and traditional regulations to a new industry like the metaverse would hinder its long-term growth and innovation. In regard to the metaverse, MSIT cautioned that a lack of institutional and legal support and regulation could negatively affect its development.