The country has been very active in the Metaverse development since the beginning of 2022, teasing large investments and a regulatory framework.

South Korea continues its immersion in Web3 and the Metaverse. After investing almost $200 million in the creation of its own metaverse ecosystem and publishing the “Metaverse Ethical Principles,” the country’s government is now preparing the Metaverse Industry Promotion Act to support the Web3 industry.

As reported by local media on Sept. 1, Heo Eun-ah, a member of the National Assembly with an entrepreneurial past proposed the enactment of the Metaverse Industry Promotion Act.

The bill implicates the incentives for companies that would switch their operations to the Metaverse while satisfying the excellence criteria such as protecting personal users’ data.

The reports about the South Korean government’s rising interest in the Metaverse started to pop out at the beginning of 2022 when two major retailers launched metaverse and artificial intelligence integration for their platforms to enhance customer experience.