World First Metaverse Industry Promotion Act -- Industry Impact: Background for enactment of the Virtual Convergence Industry (Metaverse Industry) Promotion Act. Virtual convergence world (metaverse) is a world where economic, social, and cultural activities can be conducted based on technology connecting virtual space and real space to interact -- attracting attention as a service creating new added value by converging with various industries and expanding economic activity domains. But independent laws for systematic management were absent. Based on consensus that legal grounds are needed to promote the virtual convergence industry, the bill was first introduced in the National Assembly in January 2022 and was submitted to the Cabinet meeting on February 20, 2024 -- the world first. Accordingly the Promotion Act is scheduled to take effect from August 28, 2024, after a 6-month grace period after promulgation. Key provisions: definition of virtual convergence industry and related businesses; government support frameworks for R&D, commercialization, and international cooperation; standards for virtual convergence world safety and reliability; protection of users and creators in virtual convergence environments; establishment of metaverse-specific data governance frameworks.