This paper examines the evolution of legislative frameworks governing IT convergence industries in response to the rapidly shifting technological landscape of the Web 3.0 era. It highlights the innovative regulatory approaches established in South Korea, specifically through the Virtual Convergence Industry Promotion Act (VCIPA), which incorporates self-regulation and provisional standards to address the limitations of traditional models. These mechanisms seek to balance governmental oversight with corporate autonomy, facilitating industry growth while ensuring public safety and trust. The study further discusses the relevance of the “Wait and See” principle and flexible regulation models, which accommodate the unpredictable pace of innovation. As the paradigm of Web 3.0, powered by decentralized technologies such as blockchain, reshapes the internet, a robust, adaptable regulatory framework becomes essential. The VCIPA’s emphasis on provisional standards and self-regulation is portrayed as a pioneering response to these needs, enabling consistent legal applications and fostering a resilient, fair digital ecosystem. In the Web 3.0 context, the paper underscores the necessity of regulatory balance, independent self-regulation, and enhanced digital literacy for a sustainable digital ecosystem.