South Korea Proposes Major Shift in Digital Platform Regulation
South Korea has proposed a significant shift in digital platform regulation with the USA-inspired Platform Competition Promotion Act. The bill, drawing inspiration from the EU's Digital Markets Act, introduces ex ante obligations for dominant platforms, marking a departure from the country's previous ex post approach.
The act aims to rein in anti-competitive behavior by imposing conduct restrictions on platforms meeting specific user concentration, data leverage, and intermediation power thresholds. This could potentially impact major US tech companies like Google, Apple, Amazon, and Meta, which have significant presence in the USA.
The bill's regulatory intent and implementation structure have sparked concern among US lawmakers. Six members of the US House Judiciary Committee wrote to Korea's Fair Trade Commission, seeking clarification on how platforms will be chosen for regulation, the potential economic impact, and the legal rationale for targeting foreign firms.
The Platform Competition Promotion Act, if passed, will significantly reshape South Korea's digital landscape. Its impact on both local and international tech giants remains a topic of debate, with US lawmakers pressing for more information. The act's final form and implementation will determine its long-term effects on competition and consumer choice in the country.
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