(Kitco News) - South Korea’s push for a more open yet regulated approach to blockchain technology and cryptocurrencies continued this week as Heo Eun-ah, a member of the National Assembly with an entrepreneurial past, put forth a proposal to enact the Metaverse Industry Promotion Act in an effort to support the Web3 industry.
The proposal from Eun-ah was supported by numerous other National Assembly members, according to reports from local media.
The text of the bill establishes a Metaverse Policy Review Committee, which reports directly to the Prime Minister and will be tasked with deliberating the policies promoting Metaverse development within the country. It also requires the Minister of Science and Information and Communication Technologies to “establish a basic plan for the activation of the Metaverse every three years.”
Companies that make the switch over from the legacy internet to the Metaverse also stand to benefit from the bill, which offered incentives and regulatory protections for those working in Metaverse-related fields.
Data from the Ministry of Science and Information and Communication Technologies shows that the government budget for Metaverse-related projects is predicted to reach 195.4 billion won (around $140 million) in 2023.
This latest development follows statements from the country’s government back in February that pledged 223.7 billion Korean won ($186.7 million) to the development of an “Expanded Virtual World” capable of supporting the growth of the Metaverse, digital content and corporate growth within the country.
Earlier this week it was also reported that the Bank of Korea has called for a lift of the ban on initial coin offerings (ICOs) in the country, further evidence that the nation is looking to have a more open stance in regard to cryptocurrencies and blockchain technology.
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Thailand cracks down on crypto ads
Meanwhile, in Thailand, the country’s Securities and Exchange Commission has signaled that it will begin implementing stringent rules on advertising for crypto firms operating in the nation by October 2022.
On Sept. 1, Crypto-related businesses in the country received an email from the Thai SEC, which was later posted on the agency’s website, advising that advertisements related to digital currencies must have clear investment warnings to customers.
The new advertising standards come in response to multiple marketing campaigns that have failed to include investment risk warnings. The new guidelines specify that advertisements cannot include false, misleading or exaggerated claims and must include investment risk warnings.
The SEC is also calling for balanced advertising, which entails the inclusion of both positive and negative information about the products or services being promoted, to help investors make better-informed decisions.
Adverts that directly promote cryptocurrency will be limited to ‘official channels’ like the firms’ websites, while the advertising of services is still permitted in public spaces like large street billboards and public transport hubs.
Companies will also be required to submit details related to spending on advertising, including the terms surrounding the use of social media influencers and bloggers. The SEC has given firms one month to come into compliance with the new requirements.
