Republic of Korea: Adopted Virtual Convergence Industry Promotion Act (Bill no. 2126443)

On 1 February 2024, the Virtual Convergence Industry Promotion Act (Bill no. 2126443) was adopted by the Korean Parliament. The Act establishes the principle of prioritising permission and implementing post-regulation in the advancement of virtual convergence technologies and services. It allows virtual convergence businesses to establish industry-related associations after obtaining approval from the Ministry of Science and ICT. These associations can pursue private sector-led self-regulation to protect users and create a safe environment for providing and using virtual convergence technologies and services. The Act also introduces a temporary standard system to establish interpretation standards for laws when the application or scope of application of existing laws is unclear due to the characteristics of new industries such as the metaverse.