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The Science Ministry of South Korea will draft ethical rules for the metaverse.

South Korea is establishing a set of guidelines for users to adhere to in the metaverse in an effort to improve self-identity preservation, secure enjoyment, and sustainable prosperity.

Recently, the Ministry of Science and Information and Communications Technology (MSIT) of South Korea issued a list of essential ethical standards for growth and involvement in the metaverse.

Self-identity preservation, safe enjoyment, and sustainable prosperity are the three primary values of metaverse participants.

The MSIT established eight guiding principles for metaverse participation: authenticity, autonomy, reciprocity, respect for privacy, justice, data protection, inclusivity, and responsibility.

To guarantee that the principles can be applied to metaverse use cases, the MSIT wants to collect comments from relevant departments, experts, and industries by the end of 2022 in order to finish the document.

The MSIT also addressed rising issues surrounding how people engage online, such as copyright, protection of minors, and personal data.

The MSIT also seeks to establish regulations for data privacy, social and economic equality, identity management, and freedom of creative expression, as it deems these to be legitimate ethical issues in the metaverse.

New Deal Plus

The nation unveiled in July the Digital New Deal (New Deal 2.0) plan, under which it will invest 9 trillion won to promote a "world-class metaverse ecosystem."

The funds will be used to construct a Metaverse Academy to teach and equip developers and creators with technical and creative abilities, as well as Metaverse Labs to accelerate the development and commercialization of technologies relevant to the metaverse.

In addition, the government intends to utilize the funds to fund startups in an effort to raise the number of enterprises specializing in the metaverse from 21 in 2019 to 56 in 2022 and 150 in 2025 by supporting the development of fundamental technologies and content production.

It also intends to construct a "open Metaverse platform" driven by data and writing tools that would enable anybody to generate content and contribute.

South Korea and the virtual world

Creating a set of ethical rules for the metaverse is part of South Korea's continuous quest to become a leader in the crypto business. In January, the ministry launched a five-year strategy to make the metaverse industry the fifth largest in the world by 2026.

The ministry listed four primary metaverse strategies in this strategy. The first method entails developing metaverse platforms to permit virtual access to public services, while the second option entails cultivating experts in the metaverse.

The third and fourth tactics strive to promote businesses and establish metaverse ethical norms and rules, respectively.

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