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South Korean ministry urges the adoption of unique Metaverse legislation.

19-Sep-2022 By: Divya Behl
South Korean ministr

The MSIT found that enforcing outdated regulations acts as a barrier to the development of new ecosystems.

Plans have been made by the South Korean Ministry of Science and ICT (MSIT) to stop enforcing traditional video game laws in the Metaverse. Instead, the ministry decided to release new rules to promote the growth of the developing ecosystem.

South Korea's $200 million investment in the creation of a private Metaverse shows its ambition to access the Web3 and Metaverse ecosystems. Parallel to this endeavour, the MSIT learned that enforcing antiquated laws prevents the growth of new ecosystems.

In the first meeting of the National Data Policy committee, MSIT said that we would not commit the error of regulating a new service under an existing law. There is still disagreement about whether or not the Metaverse qualifies as a video game.

According to the ministry, new industries like the Metaverse, autonomous vehicles, and OTT streaming services demand the development of new laws. MSIT highlighted concerns about the Metaverse's lack of institutional and legal support preventing industry growth.

In order to support the Web3 industry, members of the National Assembly earlier consented to a formal request for the Metaverse Industry Promotion Act to be passed on September 1.

The South Korean government supports the creation of new technology while continuing to pursue people in charge of maintaining the Terra ecosystem.

Do Kwon, the co-founder and CEO of Terraform Labs, is charged with cheating investors by issuing LUNA and USTC without disclosing to them the possibility that the price of both securities could decline simultaneously.

Kwon's passport as well as the passports of the other Terra employees have been requested to be revoked by the prosecution as a result.

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