The Ministry of Science and ICT (MSIT) said during a government briefing on Wednesday that South Korea would instead produce a guideline for governing the metaverse.
Within this year, a policy will be developed to help better promote and separate the video game metaverse.
While conceding that some aspects of the metaverse are similar to conventional video games, Park Yoon-kyu, director-general of the Office of ICT Policy under the MSIT, said, “We will not make the mistake of regulating a new service with an existing law,”
South Korea is currently debating whether to classify the metaverse as a video game.
In order to prevent undue speculation, South Korea presently forbids the use of cashable reward schemes in online or mobile games.
Ifland, a local metaverse operated by SK Telecom, has implemented a point redemption mechanism. The metaverse of SK Telecom, according to the company, is unaffected by the Korean gaming bans.
The declaration is a component of the initial debate under the new cross-ministerial committee regulating the digital data sector.