21 April, 2024



South Korea Makes Moves to Promote The Metaverse Industry

02 Sep, 2022

19 Mar, 2024

Local South Korean media outlet reported on September 1 that People’s Power Representative Eun-ah Huh has suggested the passage of the Metaverse Industry Promotion Act to provide a legal framework for future measures meant to advance the country’s Metaverse industry.

The bill stipulates that the Metaverse Policy Review Committee, which reports directly to the Prime Minister, is responsible for deliberating on policies regarding the activation and use of the Metaverse, and that the Minister of Science, Technology, and Information and Communication is responsible for establishing a fundamental plan for the activation of the Metaverse every three years.

The bill also includes provisions for providing financial incentives to businesses who relocate their activities to the Metaverse and meet certain quality standards, such as maintaining the confidentiality of the users’ personal information.

Furthermore, it will assist promote the genuine interests of individuals working in the sector as well as those using Metaverse by providing incentives for exceptional firms among enterprises that have moved from the previous service to Metaverse, ensuring the right to seek regulatory improvement for those working in areas relevant to Metaverse, and safeguarding the personal information of Metaverse users. All of these measures will be taken together.

This comes after Seoul began the first stage of its metaverse project with a test run that was conducted behind closed doors just two days ago. During the test run, users will have the opportunity to take part in a variety of interactive activities and games inside a virtually reconstructed version of Seoul City Hall and the Seoul Plaza.

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