South Korean lawmakers are going to pass a law to promote the industry of the metaverse

The South Korean government will make more efforts to develop the metaverse in the country by investing an additional $140 million in the industry by 2023.

South Korean National Assembly member Heo Eun-ah has proposed a separate law to promote the metaverse industry to support Web3. Several other members of the assembly supported the proposal.

According to the bill, a special committee dealing with politics in the field of the metaverse, and reporting to the prime minister of the country, will have to promote the development of Web3 through discussion of certain political steps. And the Minister of Science and Information and Communication Technologies will determine the plan for every next three years.

The bill lists incentives for companies that decide to move their activities to the metaverse, and will comply with the high standards of the industry, protecting the personal data of users.

Recall that in June, the South Korean authorities offered financial support to companies that create content for the metaverse. The offer is in the form of a tender – the government selects four companies that will continue to create content, and gives them 200,000 million won ($160,000) each.

According to the South Korean Ministry of Science, by 2023 the budget allocated for major projects related to the metaverse will reach 195.5 billion won ($140 million). In February 2022, the country’s authorities already allocated $187 million to create a metaverse ecosystem to support the growth of digital content in the country.

Earlier, the Ministry of Science of South Korea announced the launch of the Digital New Deal 2.0 plan, according to which the country will invest more than 9 trillion won in the development of the metaverse ecosystem.