People Power Party (PPP), the ruling party of South Korea, is working on creating a “Metaverse Industry Promotion Law” in a bid to boost the Web3 sector. The law will aim at laying the foundation for various policies and regulations related to the metaverse.
South Korea has been ramping up efforts to build a solid presence in Web3. Despite falling crypto prices, South Korea’s appetite for crypto, blockchain and Web3 has been on the rise. Over the recent years, South Korea’s crypto market has grown to be one of the largest in the world. At the Korea Bockchain Event last month, Seo Sang-min, who runs the Klaytn Foundation, a prominent South Korean blockchain company expressed,
“Despite the Luna-Terra crash, the nation is big on crypto and is one of the tech centers of the world.”
What is the Proposed Metaverse Law?
According to a local media report, Eun-ah Huh, a representative of the PPP, proposed the Metaverse Industry Promotion Law in order to promote and bolster mass adoption of the digital space. The bill states that the “Metaverse Policy Review Committee” under the Prime Minister will deliberate about various ways to establish and encourage development in the Web3 industry, focusing on “systematically supporting related industries” and protecting users’ rights.
The committee will join forces with the Minister of Science, Technology, and Information and Communication to establish a plan for the activation of the Metaverse every three years aiming to create a stable foundation for promotion. In addition, the bill will focus on regulatory compliance of the companies in the metaverse space, providing a safe and secure environment.
South Korea’s Rendezdous with Crypto
South Korea has been dabbling in the cryptocurrency space for quite sometime now. The city of Seoul has committed a massive amount of nearly $33 million to an initiative called “Metaverse Seoul.” As per a report, the digital project will revolutionize Seoul’s public services by enabling staff to interact with clients via an authorized metaverse portal employing 3D avatars and immersive settings.
Seoul is the first major city to announce that it will enter the metaverse, with plans to establish a platform for "contactless communication" by the end of 2022 https://t.co/XCisxDYzkR
— Bloomberg CityLab (@CityLab) November 30, 2021
On August 31, popular cryptocurrency exchange, FTX, signed a new deal with South Korea’s ‘Blockchain’ city of Busan to boost the development of blockchain related bussinesses and establish a local crypto exchange, “The Busan Digital Asset Exchange”. Park Yun-gyu, head of South Korea’s Ministry of Science and ICT, had earlier emphasized,
“It is important to create a world-class expanded virtual world ecosystem as a starting point for intensively fostering the expanded virtual world.”