There is a vibrant movement to foster the domestic metaverse ecosystem. Last year, the Metaverse Industry Promotion Act was proposed, and since then, industry insiders have gathered for heated discussions to ensure its swift passage and revitalize the metaverse ecosystem.

A discussion forum on the enactment of the Metaverse Industry Infrastructure Act was held on the 19th in the seminar room of the National Assembly Members' Hall in Yeouido. On this day, the seminar room was packed with reporters and officials, with related companies, administrative agencies, and associations all in attendance.

This discussion was held to promote the enactment of the Metaverse Industry Act and to listen to the voices of the related industries. It was co-hosted by the Korea Software Industry Association, Metaverse Alliance, Metaverse Software Industry Council, and Korea Metaverse Industry Association. People Power Party Representative Heo Eun-ah participated in the discussion as the proposer and host of the Metaverse Industry Basic Act.

The Metaverse Industry Promotion Act was proposed to: △establish a clear legal basis for protecting user rights; △establish the basis and activity regulations for various policies; △create a foundation for stable use of related services; and △promote the development of next-generation industries.

Key points include: △provisions for establishing a three-year 'Metaverse Activation Basic Plan'; △provisions for establishing a basis for implementing pilot projects and establishing support policies; △establishing a Metaverse Policy Deliberation Committee to deliberate on ethical issues such as cyberstalking and sexual harassment; and △imposing reporting obligations on metaverse platform and certification service providers.

Park Gwan-woo, Chairman of the Metaverse Software Council (CEO of Wizwiz Studio), emphasized, “The metaverse industry has potential because it can be integrated with various industries,” and “Currently, games and entertainment are mainstream, but there are endless use cases, such as the education industry that benefited from the COVID-19 special through the metaverse, and digital twins in the manufacturing industry.”

Chairman Park delivered the industry's voice on three fronts: governance, metaverse regulation, and professional talent development. Regarding governance, he argued for the establishment of a central organization to foster the metaverse industry. He argued that currently, dedicated departments are scattered across various administrative departments, and thus, a central organization is needed to unify these efforts.

Regarding regulation, industry insiders unanimously condemned the need for regulations that reflect the unique characteristics of the metaverse. They stated that the metaverse is currently subject to the Game Industry Act, and related services face challenges in activating due to mandatory rating classification review requirements. Accordingly, he explained that the metaverse industry should be promoted through private and corporate self-regulation.

Cho Kyu-jo, executive vice president of the Korea Metaverse Industry Association, said, “I am concerned about the regulatory inertia that seeks to apply existing industry regulations to the metaverse as well,” and added, “Game regulations could be applied to various convergence metaverse contents such as education, medical, and video, which could hinder innovative services.”

Attorney Song Do-young of Beat Law Firm commented, “The Metaverse-based law proposed by Representative Heo Eun-ah has a private-sector-led, self-regulatory nature,” adding, “I believe it would be best for the private sector to take the lead in promoting self-regulation and for the government to provide appropriate support for self-regulation.”

Industry insiders also expressed concerns about talent development. High-level personnel in core technologies like XR and AI, as well as content creation, are in dire need. The Ministry of Science and ICT has increased the number of metaverse convergence graduate schools from two to five through a support project, but it is expected to take time for talent to be supplied to the field, making it unlikely that the industry's conflicts will be resolved in a short period of time.

Furthermore, since the proposed basic law is a National Assembly bill, it could take several years for it to pass, prepare an enforcement decree, and be applied on-site. Industry insiders have expressed concern that it could “be put into operation after the domestic metaverse industry has collapsed,” emphasizing the timeliness of the legislation.

Additionally, some pointed out that the metaverse-based law currently being discussed mainly deals with the metaverse based on a platform that does not require a head-mounted display, while the actual field is focused on the 3D technology industry based on VR and AR, creating a gap between the discussion on the bill and the industrial field.

Kim Min-seok, head of NIPA's Metaverse Industry Division, said, "Private sector investment in the metaverse is rapidly increasing worldwide, exceeding $120 billion in the first quarter of 2022 alone." He added, "In the early stages of the metaverse, the focus was on tourism, the Korean Wave, and entertainment, but now attention is also being paid to energy, automobiles, and assembly production." NIPA announced that it will pursue the discovery of utilization methods and tasks in two aspects: △increasing productivity and enhancing competitiveness of domestic key and strategic industries and △improving convenience in people's lives by utilizing the metaverse.