Revised Onple Act Targets 18 Companies Including Naver, Kakao, and Google

Considering Innovation and Growth, Legal Application Targets 'Sales of 100 Billion KRW · Brokerage Transaction Amount of 1 Trillion KRW'

[Asia Economy Reporter Joo Sang-don] Following the revision of the scope of application for the 'Online Platform Fairness Act' being promoted by the Fair Trade Commission (FTC), 18 domestic and international companies including Naver, Kakao, Coupang, Google, and Apple are expected to be subject to the law.

According to the National Assembly on the 28th, Kim Jae-shin, the FTC Vice Chairman, announced this at the National Assembly's Political Affairs Committee's bill review subcommittee on the 24th regarding the amendment to the Online Platform Fairness Act.

Initially, the FTC set platforms with sales of 10 billion KRW or intermediary transaction amounts of 100 billion KRW or more as the law's application targets in the government's original proposal. Later, during consultations among the ruling party, government, and the Blue House, the scope was narrowed to platforms with intermediary revenue of 100 billion KRW or more or intermediary transaction amounts of 1 trillion KRW or more. This was intended to exclude small-scale platforms. Considering fairness, foreign companies were included.

Accordingly, the companies subject to the law include Coupang (open market), Naver Shopping (price comparison), Google Play (app market), Apple App Store (app market), Baedal Minjok (delivery app), Yogiyo (delivery app), Yanolja (accommodation app), and Yeogi Eottae (accommodation app).

As the number of platforms subject to the law decreased from the original 30 to 18, the number of tenant companies trading with them is estimated to have decreased from 1.8 million to 1.7 million.

The FTC plans to conduct a survey on the actual conditions of the online platform intermediary transaction market during a one-year grace period after the enactment of the bill, based on the supplementary provisions, and to precisely define the regulatory targets through enforcement ordinances.

The Political Affairs Committee will reschedule the bill review subcommittee to reconsider the amendment to the Online Platform Fairness Act. It has become difficult for the bill to pass during the regular session ending on the 9th of next month, but depending on the speed of bill review, there remains a possibility of passage during the December extraordinary session.