Han Ki-jung, Chairman of the Fair Trade Commission, stated on the 20th regarding the legislation of regulations on online platform monopolies, "The issue of whether to amend the law or enact a special law has not yet been decided and is still under discussion."
Chairman Han responded this way when asked by reporters about the progress of discussions related to the platform monopoly law. He said, "We have been operating an expert task force (TF) to promote competition regarding platform monopoly issues since January, and it has been somewhat concluded. We are continuously seeking a reasonable policy direction by referring to their opinions."
The Fair Trade Commission has been reviewing the necessity of introducing preemptive regulations that designate large platforms with market-dominant positions in advance and impose certain obligations such as prohibiting preferential treatment of their own services. This is because the current Fair Trade Act, which requires complex procedures such as market definition and proving monopoly status, has limitations in promptly addressing the harms caused by the abuse of monopoly positions by platforms. However, as these regulatory discussions have become known, concerns have been raised mainly within the platform industry that if a new law is enacted, it could hinder the growth of domestic native platforms like 'Nakao' (Naver and Kakao).
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