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The Enactment of the Metaverse Industry Promotion Law is Proposed in Korea

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The enactment of the Metaverse Industry Promotion Law is proposed in Korea

Every three years, the Minister of Science and Technology is responsible for establishing a strategy for the MetaverseHeo Eun-ah Act for the Promotion of Industry implies.

It is anticipated that progress will be made toward the rebirth of the metaverse industry, to which the government of Yun Seok-yeol assigns a national responsibility.

The People’s Power Representative Eun-ah Huh, on the 1st, suggested the passage of the Metaverse Industry Promotion Act as a means of laying the basis for various measures designed to advance the industry.

The Legal Structure That Supports the Metaverse

The term “metaverse” is a portmanteau that combines the words “meta,” which means “fictitious transcendence,” and “universe,” which means “world.” In particular, during the period known as “With Corona,” associated sectors have been thrust into the limelight as the next generation’s industry.

Notably, the legislative framework for supporting associated sectors and safeguarding users’ rights has been lacking up until now.

As a result, the bill stipulates that the Metaverse Policy Review Committee, which reports directly to the Prime Minister, is responsible for deliberating on policies regarding the activation and use of the Metaverse.

Also, the Minister of Science, Technology, and Information and Communication are accountable for establishing a basic plan for activating the Metaverse every three years to provide a solid foundation for future advancement.

Furthermore, the bill will help promote the genuine interests of those working in the industry and those using Metaverse by providing incentives for companies that have switched from the previous service to Metaverse. Hence, guaranteeing the right to apply for regulatory improvement for those working in Metaverse fields and protecting the personal information of users.

Notably, Byeong-wook Kim, Woong Kim, Sung-joong Park, Geum-hee Yang, Man-hee Lee, Woo-taek Jung, Seong-ho Ji, Young-hee Choi, Jae-hyung Choi, Young-je Ha, and Bo Seung-hee Hwang all contributed to the proposal of this measure with Representative Heo; Following the information that was provided to the office of Rep.

People's Power Representative Eun-ah Huh proposed the Metaverse Industry Promotion Act on the 1st to progress the industry.

According to Eun-ah Huh of the Ministry of Science and Technology, the total funding allocated by the government for crucial projects connected to the Metaverse in the next year is 195.4 billion. This is an increase of 5.4 billion won from the current year’s budget. Over the last three years, there has been a consistent rise in spending allocated to the new Metaverse, amounting to 34.6 billion.

Rep. Heo said,

“Metaverse will establish the framework for policies to encourage linked sectors by passing legislation to nurture industries.”

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