Source: cointelegraph.com
The South Korean Ministry of Science and ICT (MSIT) revealed plans to stop enforcing traditional video game laws in the metaverse. Instead, the ministry decided to issue new guidelines to incentivize the growth of the fledgling ecosystem.
South Korea’s interest in obtaining Web3 and metaverse ecosystems is evidenced by the $200 million investment it made in creating an internal metaverse. In parallel to this effort, the MSIT identified that the imposition of older regulations serves as a deterrent to the growth of new ecosystems.
At the first meeting of the National Data Policy committee, MSIT stated that “We will not make the mistake of regulating a new service with the existing law.” However, discussions about the designation of the metaverse as a video game are still…
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