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Classifying Game Addiction as a Disease Would be Devastating to Gaming Industry

Classifying Game Addiction as a Disease Would be Devastating to Gaming Industry

SEOUL, Dec. 13 (Korea Bizwire) – It has been reported that if game addiction is classified as a disease, the decrease in sales in the domestic gaming industry will be in the billions of won. Whether game addiction should be classified as a disease under the International Classification of Diseases (ICD) will be discussed at [...]

Government Mulls Easing Regulations on Hydrogen Cars and Drones

Government Mulls Easing Regulations on Hydrogen Cars and Drones

SEOUL, Nov. 16 (Korea Bizwire) — The South Korean government is expected to move forward with new policies that would permit the installation of hydrogen charging stations in semi-residential areas and commercial areas as well as the establishment of drone zones in currently prohibited airspace. Such issues were addressed yesterday at the Central Government Complex [...]

Successful Cooperation Profit Sharing Relies on Participation of Large Corporations

Successful Cooperation Profit Sharing Relies on Participation of Large Corporations

SEOUL, Nov. 7 (Korea Bizwire) — The South Korean government is striving to come up with alternative profit-sharing schemes between large corporations and small-and-medium-sized companies with the intention of promoting a more horizontal relationship between them. The government is also looking to implement a coexistence model where both large corporations and SMCs can achieve a win-win [...]

S. Korea to Offer Trial Service of Machine-readable Regulation

S. Korea to Offer Trial Service of Machine-readable Regulation

SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s financial watchdog said Monday it will provide a trial service of machine-readable regulation that would help companies better comply with state rules. As one of the financial technology sectors, machine-readable regulation allows companies to better meet regulatory requirements and avoid hefty fines. Financial Supervisory Service Gov. Yoon [...]

Foreign IT Firms to Designate Proxy in Charge of Personal Data

Foreign IT Firms to Designate Proxy in Charge of Personal Data

SEOUL, Aug. 31 (Korea Bizwire) – South Korea will mandate that foreign IT companies designate an official in charge of managing personal information, sources said Friday. According to the industry sources, a relevant law was passed through a regular session of the National Assembly a day earlier that makes it mandatory for companies without addresses [...]

P2P Lending Associations Create Regulations Aimed at Survival

P2P Lending Associations Create Regulations Aimed at Survival

SEOUL, Aug. 14 (Korea Bizwire) — With worry that peer-to-peer (P2P) lending financial corporations are on their last legs continuing to grow, two P2P associations that are leading the industry have each come up with their own regulations to be announced within the month. The Korea P2P Finance Association, a group that currently has 60 [...]

S. Korea Starts Real-name Trading System for Cryptocurrencies

S. Korea Starts Real-name Trading System for Cryptocurrencies

SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]

Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

SEOUL, Jan. 22 (Korea Bizwire) — The government plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday. Currently, financial authorities ban banks from offering virtual accounts, which are needed to sell or buy cryptocurrencies, to [...]

New Regulation Looms over IKEA, Daiso as SMEs Minister Takes Office

New Regulation Looms over IKEA, Daiso as SMEs Minister Takes Office

SEOUL, Nov. 27 (Korea Bizwire) — The government’s review on the necessity of restricting the operating hours of large-scale specialty stores is expected to gain speed as the country’s first minister for small and medium-sized enterprises (SMEs) took office, industry watchers said Sunday. On Tuesday, Hong Jong-haak was appointed to head the Ministry of SMEs [...]