by Web3 goes loud as the government of South Korea prepares to make an entry into the Metaverse. Officials and core bodies responsible for its establishment have begun working tirelessly to formulate regulations to back up its operation. The decision to penetrate the digital space will further expand the incorporation of cryptocurrency and its application in various sectors of the economy.
South Korea And The Metaverse
According to local news sources, a federal delegate at the South Korean legislative council, Eun-ah Huh, passed a motion for the country to go into the Web3 space. Since then, senators and representatives at the House of Senate have started drafting principles as the first step toward this initiative.
The panel charged with reviewing Metaverse laws will look into ways to control and promote adoption among its citizens by concentrating on backing up similar industries in the digital space while providing measures to safeguard its users.
A council consisting of the Minister of Science and Information Communication Technology and the Metaverse Policy Review Committee will be assigned to ensure the consistent growth of the industry through a three-year reenactment of the digital world to strengthen its basis for advancement.
At the moment, no one understands what is meant by “a three-year reenactment…” but the country is excited about it, and it is consistently working to realize this in hopes of someday becoming a center of attraction to space. It is worth knowing that the South Korean budget for the metaverse project falls around 195.4 billion won, an equivalent of $143,249,948.02.
Previously in February, South Korea had invested $186 million in a Metaverse-related project. And this was to reveal its heightened interest in the space and fulfill its wish of establishing firms around the industry to create employment opportunities for its citizens and expose them to intimacy with the virtual world.
Regulations For The Metaverse
With the country’s Ministry of Science and Information Communication Technology completing the initial framework for the Web3 project, this could depict a show of hand on its level of enthusiasm and Creed in its potential. Right now, the focus is on building a solid foundation for the industry by writing down guiding principles on how it will run.
To foster an immersive user experience without inhibiting factors, some of the guidelines put in place by the Ministry include fair protocol, privacy deference, data security, originality, consensual usage, user control, and operator response. Making these a prevalent concern will aid prevent depraved acts or attacks on users.
One of the leading blockchains in Web3, Solana (SOL), has declared it will raise $100 million to found Web3 projects in the country.
South Korea is currently establishing protocols to guide cryptocurrency adoption in its country. Some of the regulations will focus on taxes and an audit of crypto laws.
