The South Korean government is ushering in a whole new cryptocurrency ecosystem. This was made public on the Metaverse lawsNEWS on the 18th of September 2022 and has generated many reactions for the past 24 hours. Through its Ministry of Science and ICT (MSIT), the South Korean Government revealed its plans to move away from enacting conventional video gaming laws on the Metaverse Platforms. Instead of going through the old ways, the ministry is issuing a whole new rule and guidelines to encourage the already growing budding ecosystem.

Reports also revealed that South Korea has been developing new methods of establishing a Web 3 system. This project is part of the plan to usher in the metaverse ecosystem. To further prove the government’s willingness, they have set aside a $200 million investment, which will be used in setting up different metaverse technology that will propel the system when it is finally rolled out.

The Government and Meterverse Business

In their statement, this money will be used in building an in-house Metaverse system that will power the whole project when it finally materializes. While explaining this development, the ministry said that introducing the older regulations into the new system will serve as a motivation, a checkmate to the growing metaverse ecosystem. In a meeting of the National Data Policy committee, the Ministry of Science and ICT, through the minister, was quoted as saying that “we will not make the mistake of regulating a new service with existing law.”

Although plans and other discussions that concern designing the metaverse-induced video game are still in review, hopes are high that it will also pull through. Considering the efforts made by various government bodies and private tech companies interested in the metaverse business and working underground to see its actualization, it is just a matter of time before it materializes.

Some Known Obstacles

Some successes have been recorded so far. The latest reports coming from the industry show that the MSIT has concluded that new industries: those in the Metaverse business, OTT streaming companies, and autonomous driving, are demanding the creation of new regulations. But for the metaverse business, the ministry complained about some obstacles hindering the progress in the growth of that industry. They linked the cause of these obstacles to the absence of institutional and legal frameworks. They went ahead to reveal their plans that would guarantee the success of this project.

In an official press statement by the government, they disclosed that they have introduced guidelines to help classify both the gaming products and metaverses. They further went ahead to explain that such move is to guarantee rationality and consistency in the support and regulation of the enacted metaverse laws and it’s equivalent.

Legislative Success

On the 1st of September, members of the Korean National Assembly backed a formal proposal for establishing a metaverse industry. This is legally backed by the Metaverse Industry Promotion Act and fully supported by the new Web3 ecosystem. While supporting this new metaverse technology and its equivalent, the South Korean Government has continued its manhunt and prosecution of those in charge of the Terra ecosystem.