South Korea’s MSIT Unveils Ethical Principles for Metaverse

The Ministry of Science and ICT (MSIT) of South Korea recently released the first version of the critical ethical principles for metaverse essential for developing and taking part in the metaverse. The three values of the science ministry for those who participate in the metaverse include self-identity preservation, secure enjoyment, and sustained prosperity.

MSIT Suggests Eight Ethical Principles for Metaverse Ecosystem

The ministry suggests eight principles to uphold while participating in the metaverse ecosystem to put the three values into practice: authenticity, autonomy, reciprocity, respect for privacy, fairness, data protection, inclusiveness, and accountability. To ensure that these ethical principles for metaverse can be applied to the real world, the MSIT intends to include feedback from pertinent departments, experts, businesses, and civic organizations before finalizing the document at the end of this year. In a news release, the ministry said there are growing worries about how people interact online regarding copyright, juvenile protection, and personal information. Numerous minors sexually harassed or abused on the metaverse have occurred recently.

South Korea Staked $185 million in Metaverse

The development of the country’s metaverse ecosystem would cost KRW 223.7 billion (US$185 million), according to a February announcement from South Korea’s Ministry of Science and ICT. The ministry will utilize its war fund to promote companies creating VR/AR gadgets, foster talent, and grow the decentralized creator economy. To address challenges in the virtual world, such as protecting private information and intellectual property and overseeing criminal activities, a pan-government council was formed. The science ministry unveiled a five-year plan to rank among the top five worldwide metaverse leaders in January as local companies, well-known individuals, and investments continue to pour into the industry.  

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