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South Korea’s Advanced Industries Call for Urgent Regulatory Reforms Amid Global Competition

SEOUL, Dec. 26 (Korea Bizwire) – As global competition in advanced industries intensifies, more than half of South Korean companies in cutting-edge sectors, including biotechnology, batteries, and semiconductors, view the country’s regulatory environment as excessively stringent compared to international competitors. A survey conducted by the Korea Chamber of Commerce and Industry (KCCI) among 433 companies [...]

South Korea Updates Advertising and Labeling Regulations with 32 New Requirements

SEOUL, Dec. 18 (Korea Bizwire) – South Korea’s Fair Trade Commission (FTC) has announced a comprehensive update to its advertising and labeling regulations, incorporating 32 new provisions from 29 recently enacted or amended laws. The updated guidelines include several consumer-focused requirements, such as mandatory disclosure of probability rates for in-game items, new regulations for patent attorney [...]

U.S. SEC Commissioner Visits FSC to Discuss Virtual Asset Regulations

SEOUL, Sept. 2 (Korea Bizwire) — The head of the U.S. Securities and Exchange Commission (SEC) met with the deputy chief of South Korea’s financial regulator Monday for talks on various issues, including regulations on virtual assets, officials said. SEC Commissioner Mark Uyeda and Kim So-young, vice chair of the Financial Services Commission (FSC), met [...]

South Korea Moves to Regulate Biometric Data as Wearable Tech Advances

SEOUL, Jul. 22 (Korea Bizwire) – As new technologies emerge that can predict menstrual cycles and detect sleep apnea by collecting biometric data during sleep, including heart rate, blood sugar levels, and stress indicators, the South Korean government has initiated efforts to draft legislation to address these developments. The Personal Information Protection Commission (PIPC) aims to [...]

Regulations on Single-person Businesses to be Eased

SEOUL, May 4 (Korea Bizwire) — A new regulatory change is expected to make it possible to operate a single-person publishing company, even at cafes or warehouses, without the need to have a separate independent space. The Office of the SME Ombudsman, which represents small and medium-sized enterprises, said Wednesday that the culture ministry would [...]

S. Korea Set to Enable Duty-free Shopping Without Passports

SEOUL, Feb. 2 (Korea Bizwire) — Travelers to South Korea will now be able to purchase products at urban duty-free shops using a smartphone authentication service, without having to show their actual passports, the customs agency said Wednesday. The Korea Customs Service announced that the revised notice on the operation of bonded outlets was put [...]

S. Korea to Lift Mandatory Registration Policy for Foreign Investors in 2023

SEOUL, Jan. 24 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to abolish the existing mandatory registration policy for foreigners investing in local stocks within this year, in line with efforts to meet global standards. The move came as foreigners are currently required to file personal information with local financial authorities before [...]

S. Korea Seeks to Change Dividend-linked Rules to Attract More Foreign Investment to Stock Market

SEOUL, Nov. 28 (Korea Bizwire) — South Korea will push to change regulations in a way that would allow investors to know how much they would receive in dividends before buying stocks in a bid to attract more foreign investment in the local equity market, a senior official of the country’s top financial regulator said [...]

Kiosks Should Offer Voice Assistance for the Disabled

SEOUL, Nov. 21 (Korea Bizwire) — From now on, setting up kiosks requires installing braille blocks and offering voice guides. The Ministry of Health and Welfare announced that is has released an advance notice of the legislative plan to amend legislation related to discrimination against disabled people. The enforcement decree stipulates that appropriate facilities should [...]

S. Korea Eyes 1.5 tln-won Investment by Revamping Regulations

SEOUL, Oct. 17 (Korea Bizwire) — South Korea plans to overhaul a set of business regulations as part of efforts to bolster investment, the finance ministry said Monday, amid growing fears over an economic slump. The decision was made during a meeting of economy-related ministries presided over by Finance Minister Choo Kyung-ho, according to the [...]