At a government briefing on Wednesday, South Korea’s Ministry of Science, Technology and Information and Communications (MSIT) revealed that it will issue new regulations for the Metaverse instead of applying old laws. The ministry said the new rules would facilitate and trigger the spread of the metaverse.

There is widespread concern that South Korea will apply game law to the Metaverse, treating the whole concept as a video game. But Park Yoon-kyu, his ICT policy director at MSIT, hinted at differences between government managers, despite the striking similarities.

“We will not make the mistake of regulating new services with existing laws,” Park said. He added that applying outdated laws to a new industry like the Metaverse would stifle its long-term growth and innovation.

South Korea bans video games from using cash rewards to incentivize players. This is a law enacted to prevent gambling. Rewards like non-fungible tokens (NFTs) are often rewarded for distributed ledger-based games, and porting these laws to the metaverse effectively prohibits gaming in virtual worlds. increase.

Metaverse projects in South Korea already have reward systems in place for participants, some allowing liquidation, others allowing users to spend their loot online. His Ifland, a virtual world launched by SK Telecom, has implemented a point reward system that allows users to redeem in-game earnings.

Digital property and metaverse enthusiasts should prepare for the upcoming announcements from the newly formed Commission responsible for the digital industry.

Promotion of Metaverse in Korea

South Korea’s new president, Yoon Seok-yeol, has never hidden his interest in digital assets, making them the cornerstone of his campaign. We have seen great momentum in the country’s attempts to become the focus of

Since January, the country has invested nearly $300 million to build the Metaverse ecosystem. As it seeks to consolidate its position as an industry leader, incentives have been provided to entice companies to move some of their operations into the metaverse.

A country’s foray into the Metaverse is based on several grounds. The first is the expectation to train up to 40,000 Metaverse professionals in the country and stimulate the growth of the digital economy.

“It is important to create a world-class augmented virtual world ecosystem as a starting point for intensively cultivating augmented virtual worlds,” said Park.

Watch: Metaverse, NFTs and Web3: How Do You Measure Utility?

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