Metaverse News

South Korea Rules Out Bringing Old Regulations To The Metaverse

According to a recent government briefing, South Korea’s Ministry of Science and ICT (MSIT) announced that it will create new regulations for the metaverse rather than applying old laws to the industry. The MSIT said that this new set of rules will promote widespread metaverse adoption and acceptance.

Previously, there had been concerns that South Korea would use its gaming laws to regulate the metaverse and maybe even treat “the entire concept as a video game.” However, Park Yoon-kyu, the director general of ICT Policy for the MSIT, said that would not be the case. In fact, he explained that South Korea would not regulate “a new service with an existing law.”

South Korea has already implemented several regulations within the gaming space. For example, video games in the country are not allowed to use cash rewards to incentivize players.

Thankfully, South Korea has already cemented itself as one of the biggest supporters of the metaverse. Since January of this year, the country has invested $300 million into the metaverse space.

(All information was provided by CoinGeek)

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