[Asia Economy Reporter Eunju Lee] The Fair Trade Commission (FTC) is officially launching a task force (TF) to promote legislation regulating big tech platforms. The TF will begin discussions on the necessity of new legislation to curb the monopolistic power of big tech. Amid the rapid acceleration of platform regulation discussions aimed at restraining 'Nekarakubae' following the 'Kakao blackout' incident, attention is focused on whether the 'Hangijeongpan Onpeulbeop (Online Platform Fairness Act)' will be enacted.
According to related industries and the FTC on the 18th, the FTC's Online Platform Policy Division will launch the TF this week and hold its first meeting. The TF is composed of about 15 experts in economics and law. The TF will start discussions on whether new legislation beyond the current Fair Trade Act is necessary to regulate the abuse of monopolistic power by big tech platforms. Previously, Chairman Han Gijeong stated in media interviews and annual speeches, “We will review with internal and external experts whether the current law is sufficient to address monopolies emerging in new markets such as online platforms.”
Chairman Han plans to gather opinions on whether to pursue new legislation through the TF discussions. However, it is known that many participating scholars are skeptical about the need for new legislation, as the current Fair Trade Act can sufficiently regulate issues such as the abuse of market dominance by big tech platforms. An FTC official explained, “Nothing has been decided yet,” adding, “We are listening to experts’ opinions on how to view the regulation of monopolies and the direction to take.”
Recently, discussions on platform regulation, which had slowed under the Yoon Seok-yeol administration, have accelerated again following last year’s Kakao blackout incident. In the National Assembly, voices are rising that new regulatory proposals should be promoted since existing competition laws make it difficult to check these companies’ market-dominant behaviors. At the ‘Online Platform Monopoly Regulation and Fair Trade Act Legislation Forum’ hosted by Justice Committee Chairperson Baek Hyeryun at the National Assembly Members’ Office Building on the 17th, Democratic Party lawmakers repeatedly called for a reexamination of the monopolistic issues of big tech platforms. Chairman Han also said that day, “Recently, the European Union (EU) is about to implement the Digital Markets Act (DMA), which prohibits preferential treatment and discriminatory acts by giant platforms, and foreign antitrust movements are intensifying. The FTC will carefully consider the domestic market and overseas legal systems to see if additional improvements are needed in the current platform-related laws and systems.”
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