[Veat News] Partner Song Do-young, Attorney, Commended by the Ministry of Science and ICT for Promoting Virtual Convergence Industry

Law firm Veat's Song Do-young, representative lawyer, has been recognized for his contribution to establishing the legal foundation for the development of the virtual convergence industry (metaverse industry) and regulatory innovation, and received a commendation from the Ministry of Science and ICT. This commendation can be seen as a recognition of his significant role in supporting the leading development of the metaverse and virtual convergence industry in Korea and establishing a sustainable industrial ecosystem.

Leading participation in the world’s first definition of the metaverse and the enactment of the Virtual Convergence Industry Promotion Act
Song Do-young, representative lawyer, played a leading role in legally defining the virtual convergence world (metaverse) for the first time in the world and in establishing the legal foundation for the systematic development of the virtual convergence industry. The enactment of the “Virtual Convergence Industry Promotion Act” (Metaverse Industry Act) is being evaluated as an important turning point that strengthens cooperation between the private and public sectors and supports the growth of advanced technology and new industries.

Contribution to building a self-regulatory system based on private leadership
Representative lawyer Song made a significant contribution to establishing a self-regulatory system led by the private sector, reflecting the characteristics of the metaverse industry. It is assessed that this has made a major contribution to providing a legal environment that guarantees the autonomy and creativity of the industry while promoting sustainable development.

Proposed regulatory innovation framework 'temporary guidelines' system
Furthermore, Song Do-young, representative lawyer, proposed a new regulatory innovation framework as "temporary guidelines" to resolve uncertainties arising from the existing regulatory system and to support the growth of innovative technology and new industries. This system contributes to promoting industrial development by evaluating the safety and effectiveness of new technologies while alleviating barriers to market entry.

Representative lawyer Song Do-young participates in numerous key events for the development of the virtual convergence industry and contributes to the industry through professional advice and presentations. He has actively participated in forums for metaverse support, forums for metaverse convergence activation and leading the global market, seminars on metaverse ecosystem activation, and autonomous forums for industry-academia-government-association to create a sound metaverse ecosystem, and has also been appointed as a member of the Metaverse Self-Regulation Committee of the Korea Metaverse Industry Association, playing an important role in building a self-regulatory system.

This commendation reaffirms that Law firm Veat is playing a leading role in the metaverse and virtual convergence industry. Law firm Veat will continue to provide innovative and professional legal services, centered around representative lawyer Song Do-young, to help Korea secure global competitiveness in the future technology industry sector.

Thank you.
Law firm Veat