The South Korean government is set to implement some of the strictest regulations against technology companies dominating the internet environment in the country, following in the footsteps of Europe. The Korea Fair Trade Commission, under the direction of President Yoon Yuk Yeol, had previously hinted at various legal regulations specifically targeting American technology companies.
South Korea to Take Measures in the Technology Sector
These measures are largely inspired by the European Union’s Digital Markets Act. However, it is claimed that the new laws not only target American companies but also introduce measures against South Korea’s domestic firms attempting to monopolize certain sectors.
According to the forthcoming regulations, the South Korean government will label certain companies as monopolies and restrict or completely prohibit their entry into certain sectors. However, strong opposition from both local and foreign companies operating in the country seems to have slowed down the Korea Fair Trade Commission’s pace. In the latest announcement, it was stated that the proposed laws would be further deliberated and alternative viewpoints would be considered.
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At present, it is unclear which specific provisions these regulations will include or when they will be announced. The upcoming elections in April in the country are also expected to have an impact on this matter. A large portion of the South Korean population is highly concerned about the presence of technology companies that reduce the income of small businesses and demands comprehensive regulations to limit their power.
Shiftdelete.netHowever, technology companies operating in the country are quite pleased with the delay in regulatory measures. Company executives, believing that they have gained time, argue that potential restrictions could harm the South Korean economy and benefit China.
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