Approval of the Virtual Convergence Industry Promotion Act at the Cabinet Meeting on the 20th
January 2022 "Independent Law Needed" Proposed in the National Assembly
Enforcement 6 Months After Promulgation... "Prompt Follow-up Measures"
The world's first law to promote the virtual convergence world (metaverse) industry has been enacted.
The Ministry of Science and ICT announced that the bill for the "Virtual Convergence Industry Promotion Act," aimed at supporting the virtual convergence industry (metaverse industry) and improving regulations, was approved at the Cabinet meeting on the 20th.
The metaverse is a world where economic, social, and cultural activities can be conducted based on technology that connects and interacts between virtual and real spaces. It is expanding the scope of economic activities by converging with various industries and creating new added value.
Based on a consensus that an independent law was necessary, the bill was first proposed in the National Assembly in January 2022. Subsequently, it passed the Science, ICT, Broadcasting and Communications Committee on December 8 last year, the Legislation and Judiciary Committee on the 31st of last month, and the plenary session on the 1st of this month before being submitted to the Cabinet meeting.
The bill includes provisions such as ▲establishing a promotion system and foundation for the advancement of the virtual convergence industry ▲supporting the development and commercialization of virtual convergence technologies and services to promote the virtual convergence industry ▲proactive regulatory innovation and establishment of a private-sector-led autonomous regulatory system ▲user protection and fostering a healthy virtual convergence world ecosystem.
The bill is scheduled to be enforced from the end of August this year after a six-month grace period following its promulgation. The government will begin the process of preparing subordinate legislation such as enforcement ordinances and enforcement rules in earnest.
Minister Lee Jong-ho of the Ministry of Science and ICT stated, "With the enactment of the world's first metaverse industry promotion law, a foundation has been established for South Korea to lead the metaverse market," and added, "We will make every effort to ensure that the new regulatory system is well applied in the industrial field through follow-up measures."
Meanwhile, on the same day, the Ministry of Science and ICT also passed the amendment to the Enforcement Decree of the "Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. (Information and Communications Network Act)" at the Cabinet meeting, which includes provisions to revise the registration procedures for telecommunication billing service providers. This amendment to the enforcement decree addresses deficiencies in the attached documents and legal grounds related to the registration procedures for telecommunication billing service providers, establishing a framework to systematically handle related tasks.
Telecommunication billing services refer to services that charge or collect fees for goods and services together with telecommunication charges or mediate the transmission and receipt of transaction information and settlement of fees, also known as "mobile phone micropayment services." Companies must register as telecommunication billing service providers according to relevant laws to provide these services.
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