The Ministry of Science and ICT (MSIT) of South Korea believes imposing traditional video gaming laws on the Metaverse deters the growth of new ecosystems
As reported by Cointelegraph, the South Korean MSIT decided to issue new legal guidelines for incentivizing the growth of the budding Metaverse ecosystem. In their opinion, regulating the new systems with old existing laws would be inefficient and slow down the growth of the emerging trend.
Meanwhile, the country has been very active in Metaverse development since the beginning of 2022. Thus, South Korea invested almost $200 million in the creation of its own metaverse ecosystem and proposed the enactment of the Metaverse Industry Promotion Act to support the Web3 industry.
Discussions around legally classifying the Metaverse as an ordinary video game are still going on. However, the ministry suggests innovative economic and tech concepts such as Metaverse, autonomous driving and OTT streaming platforms demand the formation of fresh regulations.
Rational and consistent regulation and support of the Metaverse trend might play a key role in the country’s economy in the nearest future. As we have previously reported, the Metaverse could have a revenue of up to $5 trillion in 2030. According to the consulting company McKinsey & Company, about 4/5 of all commerce will be directly linked to the metaverse by the end of the decade.