The Korean Ministry of Science, Information Technology and Communication (MSIT) believes that imposing the old regulatory framework will inhibit the development of new ecosystems.
In an announcement on September 17, the Korean Ministry of Science, ICT and Communications (MSIT) announced that it would issue new guidelines, to avoid imposing traditional video game laws on metaverse.
Korea's interest in promoting Web3 and metaverse as evidenced by the investment of nearly $200 million that it budgeted at the beginning of June. In parallel with this effort, MSIT identified the imposition of regulations as a deterrent to the development of systems. new ecology.
In meeting With the National Data Policy Committee, MSIT stressed that “we will make no mistake in aligning a new service with existing law.” However, so far, discussions about classifying the metaverse into the video game segment are still open.
MSIT has decided that new industries – including the metaverse, autonomous driving and OTT streaming platforms – will follow the new regulatory framework. Regarding the metaverse, MSIT raised concerns about the lack of legal and institutional basis.
Previously, on September 1st, members of Congress supported a proposal to enact the Metaverse Industry Promotion Act for Web3 development.
Since the beginning of the year, Korea is intensifying its efforts to regulate the industry cryptocurrency. The land of kimchi recently announced a tax reform plan and decided to postpone the income tax schedule crypto to 2025. According to the law, investors cryptocurrency with an annual income of 2.5 million won (US$2,125) or more are required to pay 20% tax. But recently, it was controversial when it wanted to "purge" the airdrop activity crypto.
Although "biased" with the array NFT or metaverse and once promised to treat crypto well, the Korean government continues to “chase” those behind the collapse. LUNA-UST. Last week, a Korean court issued an arrest warrant for Do Kwon - CEO of Terraform Labs and his accomplices. This globally wanted figure has "disappeared" from Singapore, but insists that he is not absconding and is ready to cooperate with the authorities.