The metaverse has come to stay, and the governments have started to come to terms with that fact. Today, South Korea, the EU, and Japan have joined their counterparts across the globe in coming up with laws that regulate this new technology. This is part of their efforts to put these emerging technologies in check. This is not the first time countries have come up with laws that checkmate new and emerging technologies like this.
We have seen it happen with cryptocurrency, drones, AI technology, and now the metaverse technology. As these countries make effort to regulate this technology and the market alike, there has also been some serious international conversation happening among countries on making new laws that will eventually see to the proper regulation of the metaverse technology. These international conversations involve metaverse business owners, brands and manufacturers, engineers, and consumers.
According to a statement in a publication by the Internal Market, European Union’s Commissioner: Thierry Breton, Europe plans to make technology, infrastructure, and people thrive in the metaverse system. Breton went further to express his confidence in the existing metaverse laws. In his statement, with the introduction of the Digital Markets Act (DMA), and Digital Services Act (DSA), Europe now has a future strong enough to regulate metaverse technology.
Another step that has been taken by the EU is the launching of the “Virtual and Augmented Reality Industrial Coalition.” This coalition brings together stakeholders from all major metaverse technologies to design a roadmap for the future development of the industry. Breton also emphasized on competition and safety of this emerging technology and assured the public that there won’t be some sort of private monopolies or “Wild West” scenario so far as this new regulation is concerned.
The National Data Policy Committee in South Korea announced its regulatory amendments on Sept. 23, 2022. This Committee is headed by Han Duck-soo: the South Korean Prime Minister, assisted by the Minister of Interior and Safety, and Ministers of Science and ICT. This latest announcement was aimed at the Metaverse as a factor that could lead to the success of the country’s competitiveness.
The committee, during their findings, revealed that the country’s model for regulating video gaming activities was not enough to handle metaverse activities. Earlier this week, Ahn Hyoung-hwan, the Vice Chairman of the Korea Communications Commission visited one of the metaverse service providers to discuss the rising concerns of South Korean minors that have been reported to be subjected to various sexual harassment on the metaverse platforms.
Japan had earlier in the year announced the creation of a Web 3.0 Policy Office to be overseen by the Ministry of Economy Trade and Industry (METI). They have been recently tasked with the job of creating metaverse-related policies. The ministry, in a statement, said that as the metaverse continues to influence the younger generation, the digital space becomes more important. At the moment, they fear that the Web 3 entrepreneurs may be forced to depart the country for the ones with a less-regulated metaverse country.