Fast-growing metaverse creates legal risks: law firm

fast growing metaverse creates legal risks law firm

Sumary of Fast-growing metaverse creates legal risks: law firm:

  • The metaverse, a kind of virtual community that lets users interact in real-time, carries potential legal risks, and requires regulations to ensure platform operators protect their users from digital crimes, experts said Friday.
  • It is highly possible that data on the users’ whereabouts, medical information and political affiliations could be leaked,” said Koo Tae-on, lawyer at Lin, a South Korean law firm, said during a webinar on “Metaverse and Legal Issues.
  • But there is no law that regulates metaverse because it is not a real world that falls under the protection of the Personal Information Protection Act,” Koo added.
  • “Rather than regulating the metaverse itself, domestic lawmakers are on the move to impose stricter regulations on related fields such as cryptocurrency, nonfungible tokens, copyright, personal information protection,” said Yoo Chang-ha, a lawyer at Lin.
  • According to Yoo, not only Korea but EU, US and other countries are considering regulatory frameworks for metaverse platforms.
  • “Basically, most countries will impose higher bars on the metaverse platforms to strengthen their voluntary and self-monitoring systems on potential crimes,” Yoo said.

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