MetaVerse Industry Promotion Act and AR/VR Innovation Framework

Application, scope & purpose

World's first dedicated MetaVerse industry promotion law, establishing comprehensive regulatory framework for VR/AR technologies, digital identity systems, and Virtual World governance to foster systematic industry development.

MV/VW environment

South Korea is actively building a National MetaVerse ecosystem including VR platforms, AR applications, and Block Chain-based Virtual Worlds. The government has allocated substantial funds (e.g., ₩223.7 billion or approximately $186.7 million in 2023) to support the creation of MetaVerse platforms, content, and the integration of XR (Extended Reality, encompassing AR/VR) technology into key sectors like education, retail, healthcare, manufacturing, construction, and defence.

Role of sandbox

While not a traditional regulatory sandbox with explicit waivers for specific companies, South Korea's approach provides a systematic policy framework that functions similarly to a sandbox for the entire industry. The MetaVerse Industry Promotion Act introduces "Provisional Regulatory Guidelines" to address regulatory uncertainties and promote proactive regulatory improvements.

It also establishes a legal basis for self-regulation led by the private sector, allowing the industry to proactively address new user protection issues without stifling innovation. This framework provides regulatory guidance and a supportive environment for testing MetaVerse innovations while ensuring user protection and industry growth.

Results obtained

  • World's first MetaVerse industry promotion law enacted.
  • $186.7 million government investment in Virtual World platforms.
  • AR/VR intellectual property protection framework established.
  • MetaVerse ethical principles and user protection guidelines developed.
  • Creation of a MetaVerse policy review committee.
  • South Korea's proactive and comprehensive approach to MetaVerse development, including dedicated legislation and significant government investment, has positioned it as a global leader in this emerging field.
     

References