KCC sets guidelines for user protection on metaverse platforms

China Sees Further Metaverse Development Through Nanjing City InitiativeNanjing City’s Jiangning district recently unveiled its ambitious plans for metaverse development as competition in China’s metaverse sector intensifies.Photo by 李 亨 on PexelsThree-year planThe district aims to lay the groundwork for blockchain-based applications by attracting 200 metaverse companies and generating an industry with an annual revenue of 20 billion yuan ($2.80 billion) by the end of 2025. That’s according to a three-year plan to accelerate metaverse development published by Jiangning district’s management committee on Saturday.To support this vision, Jiangning plans to foster collaboration between local enterprises and academic institutions, with the goal of training 10,000 metaverse professionals over the next three years.Metaverse roadmapThe district’s comprehensive roadmap includes the identification of key metaverse technologies, such as blockchain, artificial intelligence (AI), and virtual reality. Additionally, the plan outlines the establishment of 50 research centers and laboratories dedicated to these areas of expertise.These initiatives were unveiled during a joint summit on metaverse and artificial intelligence-generated content (AIGC) held at the Jiangning High-tech Development Zone, a specialized industrial park known for its focus on life sciences, software development, and equipment manufacturing.At the summit, 16 metaverse-related projects were introduced, representing a total investment of 8.1 billion yuan ($1.13 billion). These projects encompass diverse fields, including A.I., cloud computing, big data, and healthcare. Jiangning’s commitment to the metaverse extends beyond the recently announced plan, as the district has been offering financial incentives to metaverse companies since May 2022.Moreover, an investment of 800 million yuan ($112 million) has been allocated to construct a dedicated “metaverse industrial building” that will provide office spaces for metaverse enterprises.Jiangning’s efforts contribute to Nanjing City’s broader aspiration of becoming a prominent metaverse hub in China. In February of this year, Nanjing unveiled its metaverse strategy and set the ambitious target of establishing an industry generating over 135 billion yuan ($19.13 billion) in annual revenues by the end of 2025. Additionally, Nanjing launched “the Blockchain Technology and Application Innovation Platform of China” in May, aimed at promoting and advancing metaverse research nationwide.Broader Chinese metaverse strategyWhile Nanjing is moving towards metaverse development, other Chinese metropolises, including Beijing, Shanghai, and Hangzhou, are also vying for dominance. Cities such as Zhengzhou and Suzhou are also endeavoring to participate in the trending technology.Last month, Zhengzhou announced a set of policy proposals aimed at supporting metaverse-centric enterprises locally. Earlier in May, the administrative body that governs Henan Province established a 150 million yuan ($21.7 million) private equity investment fund relative to the financing of metaverse-themed projects.As cities and regions in China compete to seize the opportunities presented by the metaverse, the country is witnessing significant investments and initiatives to establish a strong foothold in this transformative technology. Nanjing’s Jiangning district’s comprehensive plan and strategic partnerships signify the region’s dedication to becoming a flourishing metaverse ecosystem, while executing on a mandate from the central government to further develop metaverse technologies within China.

Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain AdoptionAt a recent blockchain conference, experts from the Korean industry proposed that the adoption of blockchain could be amplified by addressing daily challenges such as parking problems, according to a report by local news outlet Decenter. They also believe that blockchain has the potential to enhance the quality of life by fostering community solidarity. For this vision to be fully realized, they emphasized the crucial role of government policy support.Photo by Filip Filkovic Philatz on UnsplashBlockchain and parking managementOn October 30 at the 2023 Global Blockchain Incheon Conference (GBIC) in Songdo, Incheon, several applications of blockchain technology were highlighted. Kim Jung-eun, a professor at the Graduate School of Engineering at Inha University, discussed the benefits of integrating blockchain into the management of shared parking lots. She underscored that while privately opening up idle parking lots in locations such as villas can introduce concerns of theft and time violations, blockchain technology can address these challenges. By documenting vehicle details on the blockchain and controlling usage time with smart contracts, the parking process can also become more transparent and trustworthy.Enhancing a city’s image through civic unityBuilding on the theme of blockchain’s societal benefits, the conference also touched on its prospects to enhance civic unity. Kim Hyung-joon, a professor at Pai Chai University, highlighted the significance of civic solidarity in enhancing a city’s image. He drew attention to Stockholm, Sweden, lauding it as one of the happiest cities globally and emphasizing the vital role a sense of community plays in such acclaim. Professor Kim believes that promoting a robust community feeling through Web3 platforms and decentralized autonomous organizations can boost a city’s competitive edge. He stressed that this approach should be paired with policy initiatives that actively support Web3 and blockchain technologies. With the technology being mature, Kim underscored the pivotal role governments play, noting that numerous projects have been stifled by restrictive regulations.Four strategies for the Web3 industryAt the same event, Professor Park Soo-yong from the Computer Science and Engineering Department of Sogang University shared insights on strategic approaches for the burgeoning Web3 industry. He emphasized four primary strategies: bolstering the Web3 gaming and entertainment sectors, cultivating talent for the evolving digital economy, advancing digital asset innovations and financial systems, and urging transformation within governmental agencies. Professor Park highlighted the current division in jurisdiction — with the entertainment industry overseen by the Ministry of Culture, Sports and Tourism, and the digital asset sector regulated by the Financial Services Commission. He asserted that consolidating these sectors under one unified jurisdiction could drive significant progress.In a related note, a study from Emergen Research projects a bright future for the Web3 market. It’s forecasted to experience a compound annual growth rate (CAGR) of 43.7% between 2021 and 2030. This would see its revenue grow from $3.2 billion in 2021 to $81.5 billion in 2030.

The Dubai Court of First Instance in the United Arab Emirates (UAE) has notched up another milestone relative to the continuing rollout of the use of and legal status of cryptocurrency by recognizing crypto as a legitimate means of payment where salaries are concerned. The groundbreaking decision, which was revealed in the court via case number 1739 of 2024, gives confirmed legal recognition to the validity of crypto as a means of payment for salaries, which may be stipulated in an employment contract.Photo by David Rodrigo on UnsplashRuling reflecting a progressive approach to cryptoThe outcome hit the radar of a number of crypto-centric UAE-based lawyers, with Web3 lawyer Irina Heaver, a partner at NeosLegal, pointing out that the decision marks a shift from previous relevant case law in the UAE in 2023 when a similar set of circumstances led to crypto not being recognized for the purposes of salary payment. Commenting on the ruling of that previous case, she stated: “This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms.” Ecowatt (EWT) tokensIn this latest case, the circumstances revolved around a dispute whereby an employee claimed for unpaid salary, termination compensation and further benefits. The employee’s contract of employment outlined a payment in both fiat currency, alongside 5,250 Ecowatt (EWT) tokens.  Ecowatt is a renewable energy blockchain project which claims to serve a purpose in reducing carbon impact on a global basis through the tokenization of green energy. It was the failure of the employer to pay out the tokenized portion of the employee’s salary that led to the dispute and the subsequent lawsuit. The court ultimately sided with the employee, agreeing that the employer must fulfill its contractual obligation and pay out the remainder of the employee’s salary and benefits in Ecowatt tokens. The judgement stated: “As the respondent did not provide evidence of payment in EcoWatt tokens, the court orders the respondent to pay the claimant the value of her wages in EcoWatt tokens.” In weighing up this latest adjudication, Heaver concludes that the move is congruent with the progressive approach that is being taken to digital assets within the UAE. “This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy,” she stated. Mahmoud Abuwasel, partner at Wasel & Wasel, an international firm with a presence in Abu Dhabi, also noted the relevance of the ruling, posting on the matter on legal update database, Lexology.  Greater legal clarityLittle by little, greater clarity is emerging in jurisdictions worldwide with regard to the status of cryptocurrency and digital assets within the context of international legal systems. In 2023, a Chinese court recognized virtual assets as legal property, affirming the legal status of virtual assets as protected property under Chinese law.Earlier in 2023, the courts in the Chinese autonomous territory of Hong Kong determined cryptocurrency to be property “capable of being held in trust.” Not all decisions have been positive however, with a Singaporean court determining in April 2023 that crypto is not money, albeit that the judge did acknowledge that the matter would require a more detailed examination of evidence in another court.