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South Korean Government Releases Draft “Metaverse Ethical Principles”

South Korea’s Ministry of Science and Information and Communication Technology (ICT) has published its first set of ethical principles. meter.

The IS bladder bass ‘Ethical principles of the augmented virtual world’ was released after a joint discussion forum was held on August 26 among 17 stakeholders, including South Korean government ministries, private metaverse players, legal advisors, and other related organizations.

The research also promotes public-private partnerships to regulate the sector ethically.

The government believes that as the interest in the industrythe protection of young minds needs to be addressed, personal information protection and copyright protection.

The transfer document said:

“The Ministry of Science and ICT will solve social concerns about the extended virtual world and expand it in the process of developing, operating and using the extended virtual world focusing on related ministries and industries so that the potential and scalability of the extended virtual world as . new engine of growth is not limited”.

The Citibank investigators project that the global metaverse market will surpass $13 trillion in valuation by 2030. With that, the govt. from South Korea ha assigned 223.7 billion won (about US$165 million) for the sector according to an earlier statement from Conradh na Gaeilge The Minister for Science and ICT, Lim Hyesook, called the metaverse “an undefined digital continent with undefined potential”.

However, considering that the metaverse he has also seen reports of verbal abuse, racism and harassment, as well as scams and robbery crimes throughout the cryptocurrencies and the NFT Aram Moon, the lead researcher on the draft, said:

“The draft principles of ethics of the extended virtual world focus on the unique aspects of the extended virtual world, such as the virtual self, the immersive experience, and the economic system.” (sic)

New regulations in the South Korean market

The draft also establishes eight principles to preserve ethical values ​​in the metaverse ecosystem, ie including responsibility, inclusiondata protection, fairness, authenticity, autonomy, reciprocity and respect for privacy.

Professor Seungmin Lee of Sungkyunkwan University, who chaired the meeting of the Ethics Division of the Widening World Alliance, said, “Legal and social norms are being discussed to resolve the malfunctioning of the World Widening Alliance. extended virtual world“.

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With that, South Korea in the midst of regulatory changes as new players enter to the crypto and metaverse markets. Be[In]Crypto noted that seven of the largest brokers in South Korea have started procedures that will allow Open exchanges digital currency in the first half of next year.

In May, the newly elected president of South Korea, Yoon Suk-yeol also expressed his intention to cancel the ban on Initial coin offering (ICO) in the country.

On August 29, the Bank of Korea issued a national paper on the “European Union Law on the Market of Crypto Assets (MiCA)” and argued in favor of allowing ICOs in the country, accordingly reported the local media.

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