South Korea expands efforts to regulate Metaverse

South Korea continues its immersion in Web3 and the Metaverse. After investing nearly $200 million in creating its own metaverse ecosystem and publishing the “Metaverse Ethical Principles”, the country’s government is now preparing the Metaverse Industry Promotion Act.

As local media reported on September 1, Heo Eun-ah, a member of the National Assembly with a business background, proposed the enactment of the Metaverse Industry Promotion Law to support the Web3 industry. Several other National Assembly members supported Eun-ah’s proposal.

Under the bill, the Metaverse Policy Review Committee, subordinate to the Prime Minister, would deliberate on policies that promote the development of the Metaverse in the country, while the Minister of Science and Information and…