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South Korea is set to focus on metaverse with new laws

South Korea
TL;DR Breakdown
  • South Korea is set to focus on metaverse with new laws
  • The country wants to provide support to new technologies
  • South Korea is still prosecuting Terraform Labs

South Korea has announced that it will no longer impose laws that will stifle the gaming activities of the metaverse in the country. The country has been mulling the imposition of laws that covers traditional gaming in the sector over the last few years. As per the new update, the country has announced that it will drum up a new legal framework that will guide the activities in the sector alone.

The country wants to support new technologies

South Korea has been pooling efforts to make its metaverse ecosystem one of the best over the last few years. One such move is the recent $200 million raised to create a metaverse owned by the country. This investment shows the country’s seriousness in pushing for more adoption of a metaverse.

After the investment, the ministry of science in the country noted that using regulations as old as time on a new ecosystem will seek to drag it back. During a meeting, the body in charge of the regulation cautioned those at the top of the country about imposing old laws on new services. Most of them argued that it could spell doom for the service as most participants would not be motivated to join.

South Korea is still on Terraforms heels

Although the new update means a new law will be created for the metaverse, some faction still thinks it should be regulated as a video game. However, other arguments have claimed that new services, including the Metaverse and OTT streaming websites, must be guarded by new regulations. Concerning the regulation in the metaverse, the agency talked about the block it could pose to the industry’s growth on a legal and institutional basis.

At the beginning of this month, there was a consensus that there would be a new law based solely on metaverse, which will also govern the Web3 ecosystem. Although South Korea has been actively supporting new technologies, it has also continued to crack down on the top executives at Terra. The government claimed that the company executives were aware of a possible loss of funds and refused to explain a detailed explanation to investors. With this, the passports of the founder, alongside some of the top executives, have been confiscated.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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