The South Korean Ministry of Science and ICT (MSIT) has made plans to stop enforcing conventional video game legislation in the Metaverse. Instead, the ministry chose to publish new regulations to encourage the development of the emerging ecosystem, as reported by Cointelegraph.
The $200 million investment South Korea made for the development of an internal Metaverse demonstrates its desire to gain access to the Web3 and the Metaverse ecosystems. Parallel to this endeavour, the MSIT discovered that imposing outdated regulations acts as a barrier to the development of new ecosystems.
The ministry came to the conclusion that new businesses, such as the Metaverse, autonomous vehicles, and OTT streaming services, necessitate the creation of new legislation. Concerning the Metaverse, MSIT expressed worries about the absence of institutional and legal support impeding industry development. A rough translation of the press statement, which revealed the strategy, read, “Establish guidelines for classification of game products and metaverses for rational and consistent regulation and support for enactment of related laws (enactment of special metaverse laws).”
According to Cointelergaph, the South Korean government continues to pursue those responsible for managing the Terra ecosystem while encouraging the development of new technology. Do Kwon, the co-founder, and CEO of Terraform Labs is accused by South Korean prosecutors of defrauding investors by issuing LUNA and USTC without warning them of the risk that the price of both could fall at the same time. As a result, the prosecution has requested that Kwon’s passport and the passports of the other Terra employees be revoked.
(With insights from Cointelegraph)