The country has been very active within the Metaverse development since the start of 2022, teasing large investments and a regulatory framework.
South Korea continues its immersion in Web3 and also the Metaverse. once finance nearly $200 million within the creation of its own metaverse system and publication the “Metaverse moral Principles,” the country’s government is currently preparing the Metaverse trade Promotion Ac.
As reportable by native media on Sept. 1, Heo Eun-ah, a member of the National Assembly with an entrepreneurial past, proposed the enactment of the Metaverse industry Promotion Act to support the Web3 industry. variety of different National Assembly members supported Eun-ah's proposal.
According to the bill, the Metaverse Policy Review Committee, subordinate to the Prime Minister, would deliberate on the policies promoting Metaverse development within the country, whereas the Minister of Science and knowledge and Communication Technologies ought to be shaping a final set up each 3 years.
The bill also implicates the incentives for firms that would switch their operations to the Metaverse whereas satisfying thexcellence criteria like protecting personal users’ data.
According to the Ministry of Science {and information|and knowledge|and data and Communication Technologies data, the govt. allow major comes related to Metaverse can reach 195.4 billion won (around $140 million) in 2023. In February, the Ministry reportable that 223.7 billion won ($186.7 million) would be allotted to the virtual world platform under expanded Virtual World.
( David Attlee, Cointelegraph, 2022 )