South Korean lawmakers may be gearing up to roll out new policies that encourage the growth of the nation’s metaverse sector. According to a local report, Heo Eun-ah, a member of the country’s National Assembly recently submitted a proposal for the “Metaverse Industry Promotion Law.”
New Metaverse Policy Review Committee
Since the turn of the year, the East-Asian nation has continually invested in the development of the metaverse within Korea. Per the release, the proposal aims to create a good foundation for a robust regulatory framework around web3 and related services.
To achieve the nation’s newly streamlined goals targeted at the web3 sector, the Metaverse Policy Review Committee beneath the Prime Minister will oversee proceedings.
Firstly, the committee will examine policies that encourage the expansion of the metaverse within the nation. The newly established group will work with South Korea’s Minister of Science and Information and Communication Technologies. Every three years, the Committee alongside the Minister will roll out a basic plan to drive the industry forward.
Likewise, the proposal mostly focuses on systemic support for players in the metaverse sector. It also highlights a need to protect the rights of users. The report also hints toward the bill incentivizing companies to incorporate metaverse functions for operations. Indeed, such companies will have to gain regulatory approval and ensure user data remains secure.
South Korea’s Metaverse Agenda
Local news outlets claim that several other Assembly members are in favor of the proposal. As stated earlier this is not South Korea’s first step toward metaverse promotion. Indeed, the South Korean government has spent nearly $200 million in its bid to establish a world-class metaverse ecosystem.
Earlier this year, the nation put $186 million into funding its metaverse sector as part of its Digital New Deal vision. South Korea hopes to witness several jobs and companies emerge from the nascent space.
Data from the Ministry of Science and Information and Communication Technologies data revealed how much the government has slated for metaverse projects. Indeed, In 2023, South Korea could be set to spend an extra 195.4 billion won on its metaverse sector. The postulated figure is roughly around $140 million, similar to the numbers the government has committed this year.
At the moment, the nation is establishing new possible web3 policies and reviewing existing ones.