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

On 8 December 2023, the Virtual Convergence Industry Promotion Act (Bill no. 2126443) was introduced to the Korean Parliament as an alternative to Bill no. 2114358, Bill no. 2114545 and Bill no. 2117173. The Act would establish principles prioritising permission and enforcing post-regulation in advancing virtual convergence technologies and services. It would permit virtual convergence businesses to form industry-related associations upon approval from the Ministry of Science and ICT, enabling them to engage in private sector-led self-regulation to ensure user protection and safety in utilising virtual convergence technologies and services. Additionally, the Act would introduce a temporary standard system to clarify laws in cases where their application to emerging industries, such as the metaverse, is unclear.