South Korean Lawmakers Propose The Metaverse Industry Promotion Act

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In recent years, the South Korean government has supported the country’s Web3 and Metaverse industries. The government is preparing a regulatory framework for the virtual world. In addition to investing hundreds of millions of dollars in creating its ecosystem.

Heo Eun-ah recently proposed enacting the Metaverse Industry Promotion Act to aid the Web3 industry’s growth. Eun-ah’s proposal is backed by many National Assembly members, according to Coin telegraph.

The South Korean government will budget 195.4 billion (US$140 million) for Metaverse-related projects next year. The Ministry announced in February that it had allocated 223.7 billion won (US$186.7 million) for the virtual world platform under Expanded Virtual World.

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