South Korea Plans New Regulatory Framework To Accelerate Metaverse Growth
Metaverse and web 3 developments are attracting South Korea’s attention as the sectors continue to develop. As of now, the government invested around $200 million in the sectors. On the other side, state authorities have struggled to design effective regulatory frameworks like other jurisdictions around the globe introducing new cryptocurrency rules. In a meeting of […]
Related News
In a move that will see South Korea become even more crypto-friendly, President Yoon has announced his intention to establish a new regulatory framework for the crypto industry by 2024. With this new legislation in place and increasing demand for cryptocurrency services across all areas of commerce, it seems likely they can pull off another […]
The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.
South Korea Gets Into the Metaverse
While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure....
South Korea will allocate roughly $177 million into the metaverse to fund companies and jobs in this space. The metaverse, or living in a virtual world, isn’t a new concept, but it’s only now that the hype around it is gaining rapid attention from many industries. With AI and AR at work, investing in the […]
South Korea’s rising interest in nascent tech could prompt other nations to take up the idea of metaverse more seriously. South Korea, a nation known for its strict crypto regulatory stance, is betting big on the metaverse. The government will invest over 223.7 billion won ($177.1 million) directly in various metaverse projects.The decision to invest in the nascent metaverse tech makes South Korea one of the first national governments to do so. The investment came under the ‘Digital New Deal’ program set up to invest in emerging technologies.The program is headed by the country’s science....
The MSIT identified that imposing older regulations serve as a deterrent to the growth of new ecosystems. The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines for incentivizing the growth of the budding ecosystem.South Korea’s interest in garnering Web3 and the Metaverse ecosystems is evidenced by the $200 million investment it made for the creation of an in-house Metaverse. Running parallel to this effort, the MSIT identified that imposing older....