The metaverse is an intriguing platform that promises a lot of possibilities, but it’s posed for danger. Some countries look at the positive aspect of the metaverse, but South Korea is planning ahead by introducing plenty of metaverse regulations.
It makes sense to regulate the online world as it’s not safe for many users. Will other countries follow South Korea’s example? Or will these regulations mean nothing in the end, due to the nature of criminals?
South Korea is working on metaverse regulations
According to Cointelegraph, a member of South Korea’s National Assembly proposed the Metaverse Industry Promotion Act, which introduces these metaverse regulations. Heon Eun-ha was the National Assembly member who proposed the act and it looks like the other members agree.
Some of the metaverse regulations have been revealed, via Investing, while more are still being made right now. There are planned incentives for companies that end up joining the metaverse and selling their products, but other details haven’t been revealed.
- Governments must dive deeper into high tech to understand such technology as the metaverse. Also, they will have to make informed decisions in law-making to make sense of both the opportunities and the risks that embracing web3 technology brings.
- One of the numerous issues governments and policymakers will have to address in the following years is how metaverse technology will work with current legislation.
- NFTs, a crucial part of many metaverses, remain in a legal gray area in South Korea. NFTs are not subject to the same rules as cryptocurrencies in the country.
The rest of the world?
While South Korea has publicly announced metaverse regulations, we wouldn’t be surprised if more countries are working on them. After all, we can’t have people committing crimes and being heathens on the metaverse, so there needs to be some law and order.
It will be interesting to see just how these metaverse regulations are monitored and if people will be punished for breaking them. Only time will tell if these rules will be sensible or too much but we’ll have to wait and see.