The development of the metaverse is a success for South Korea. The government is involved in this positive development of the sector. New regulations are in preparation to flesh out the old ones. South Korea is increasingly involved in the metaverse in full awareness of the potential of this virtual universe for the next few years.
the South Korean government established a regulated structure to strengthen the practicability of the metaverse in the country. Users, including creators, developers, and users, should have a better experience with the new rules. In an effort to further improve the quality of the South Korean metaverse, the government has established a budget.
Companies invited to migrate to the web3
The South Korean government is currently strengthening its business migration policy to the web3. The metaverse represents a field with multiple prospecting opportunities for the South Korea ; this should be the case all over the world. The awareness of this opportunity pushes the government to favor the exploitation of the web3.
Recall that the South Korean government built its metaverse with an initial budget of $ 200 million. Currently, the ecosystem is fully functional to prioritize citizens involved in cryptocurrency investments. Companies are logically the first to benefit from this advantage.
Heo Eun-ah, a member of the National Assembly highlighted the promotion of the web3 industry in South Korea. Heo Eun-ah himself is an entrepreneur and knows the potential of the sector for the development of the country. Most of his colleagues followed his proposal to enact the Metaverse Industry Promotion Act.
What does the invoice provide?
The bill provides first of all to leave the resolution of the project to promote the metaverse industry to review panel led by the prime minister. They are seriously involved in the implementation of the new regulations.
Then, they will put in place all the necessary awareness to encourage companies to participate in web3. It will be about strengthening the security of metaverse users. The whole metaverse experience should see marked improvement in parallel. South Korean companies that will integrate the metaverse should therefore experience the best opportunities with these regulations.
The budget is established
Already to facilitate the project, the South Korean central bank raises the restrictions on ICOs. The fact is that the government intends to allocate a budget of approximately $ 140 million to the sector in 2023. Furthermore, the entire virtual platform will benefit from a budget of approximately $ 180 million.
In short, the metaverse industry is experiencing great growth from South Korea. The example should soon be followed by other countries.
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