- On August 19, the "Enforcement Decree of the Metaverse Industry Promotion Act" was approved at the Cabinet meeting.

- The world's first law aimed at promoting the metaverse industry will officially take effect on August 28.

- The Act introduces various promotion policies, regulatory improvements, and "Provisional Regulatory Guidelines" to systematically foster the metaverse industry.

The Ministry of Science and ICT (Minister Yoo Sang-im, hereinafter “MSIT”) announced that the "Enforcement Decree of the Metaverse Industry Promotion Act" was approved at the Cabinet meeting on August 19 and will be enforced starting on August 28.

Recognizing the need for a dedicated legal framework to promote the metaverse industry, the Metaverse Industry Promotion Act was enacted on February 28, making Korea the first country in the world to introduce such legislation. Given the nature of the metaverse industry, which integrates various technologies and sectors, the Act was created to promote more systematic policies, establish a self-regulatory environment tailored to the characteristics of emerging industries, and introduce "Provisional Regulatory Guidelines" for proactive regulatory improvements.

The Enforcement Decree of the Metaverse Industry Promotion Act, which was approved at today's Cabinet meeting, was developed through seven rounds of discussions with metaverse companies and consultations with industry, academic, and research experts. It was finalized after inter-agency reviews (May 28-June 7, July 25-July 31) and the pre-announcement of legislation (May 28-July 8, July 31-August 2).

The Act and its Enforcement Decree will lay the foundation for the systematic promotion of the metaverse industry by establishing key policies, including: ① developing a basic plan for promoting the industry, ② conducting surveys to assess the industry's status and identify necessary regulatory improvements, ③ fostering specialized personnel, and ④ designating regional metaverse industry support centers.

The Act is expected to offer a range of administrative and financial support to metaverse businesses. The Enforcement Decree clearly outlines specific areas where central and local governments can assist businesses, such as providing information, consulting services, business spaces, and support for distribution networks. Additionally, a framework has been established to prioritize support for small and medium-sized enterprises (SMEs) within the metaverse industry, thus promoting the growth of specialized companies.

Meanwhile, a "metaverse industry impact assessment" system will be introduced, requiring central government agencies and local governments to analyze the potential effects on the private market, such as market encroachment, when promoting metaverse projects. This will encourage central government agencies and local governments to leverage private metaverse services, thereby further activating the private-sector-led metaverse industry market.

In addition, the Act is expected to foster a safe and reliable environment for providing and using metaverse technologies and services. It explicitly stipulates the principle of “initial permission and subsequent regulation” concerning the development of such technologies and services. Moreover, it establishes a legal basis for self-regulation led by the private sector, allowing the industry to proactively address new user protection issues that may arise, without stifling innovation.

Furthermore, Provisional Regulatory Guidelines will be introduced to address regulatory uncertainties stemming from the convergence of various technologies and industries within the metaverse sector. These guidelines are designed to eliminate regulatory ambiguity by providing a basis for interpreting existing laws when their applicability or scope is unclear. With the Act's implementation, businesses are expected to benefit from greater legal predictability, further energizing the metaverse industrial ecosystem.

The MSIT plans to quickly implement follow-up measures, such as drafting administrative rules, in line with the Act's full-scale enforcement. The Ministry will also establish a basic plan for promoting the metaverse industry (2025-2027) and identify leading examples of Provisional Regulatory Guidelines by gathering feedback from the industry on needed regulatory improvements.

"The metaverse industry, realized through digital technologies such as virtual and augmented reality (VR/AR), artificial intelligence (AI), and cloud computing, holds limitless potential for growth as digital innovation progresses," said Yoo Sang-im, Minister of Science and ICT. "This law has paved the way for systematic and long-term support for this emerging industry. We will do our utmost to foster an innovative industrial ecosystem."

For further information, please contact the Public Relations Division (Phone: +82-44-202-4034, E-mail: msitmedia@korea.kr) of the Ministry of Science and ICT. 

Please refer to the attached PDF.