South Korea keeps getting more and more involved with Web3 and the Metaverse. After spending almost $200 million to build its own metaverse ecosystem and publishing the “Metaverse Ethical Principles,” the country’s government is now working on the Metaverse Industry Promotion Act.
As was reported by the regional media on September 1st, Heo Eun-ah, a member of the National Assembly who has a history of being an entrepreneur, has suggested the passage of the Metaverse Business Promotion Act in order to provide assistance to the Web3 industry. The motion made by Eun-ah received support from a number of other members of the National Assembly.
In accordance with the proposed legislation, the Prime Minister would be responsible for supervising the Metaverse Policy Review Committee, which would be tasked with deliberating on the policies that would foster the growth of the Metaverse in the nation. On the other hand, the Minister of Science and Information and Communication Technologies would be responsible for defining a final plan every three years.
Incentives for businesses to transition their operations to the Metaverse while still meeting excellence requirements, such as safeguarding users’ personal data, are included in the law as well.
According to the statistics provided by the Ministry of Science and Information and Communication Technologies, the money allocated by the government for significant initiatives associated with the Metaverse would reach 195.4 billion won (about $140 million) in the year 2023. Under the Expanded Virtual World initiative, the Ministry announced in February that a budget of 223.7 billion won (about $186.7 million) will be allotted to the virtual world platform.