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[Bills in Focus] Game user protection, fostering AI industry

By Korea Herald

Published : April 1, 2024 - 13:44

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Proposed Bills: Partial Amendment to the Game Industry Promotion Act

Proposed by Rep. Kim Seung-su (People Power Party)

●This amendment ensures users can receive compensation for damages caused by intentional indication of misinformation for probabilistic game items by introducing a punitive damages system that mandates a compensation of twice the maximum damages.

Game companies must prove that there was no intention or negligence in not displaying or falsely displaying probabilistic game item information.

Pending Bill: Act on Artificial Intelligence Industry Promotion and Trust Securement

Proposed by Rep. Yoon Doo-hyun (People Power Party)

●This bill establishes a legal foundation for promoting the AI industry and mandates businesses utilizing AI technologies in high-risk sectors to ensure its safety and credibility.

"Many developed countries are speeding up the establishment of laws and systems along with fostering the AI industry. There is an urgent need to enact laws here to take the lead in AI technology and to foster the AI industry," Rep. Yoon stressed.

Promulgated Bill: Export-Import Bank of Korea Act

Competent Authority: Ministry of Economy and Finance

● With rising volumes of outbound investments as well as import and export volumes, there has been a growing emphasis on the role of the Export-Import Bank of Korea in financial support measures for companies. Therefore, this bill raises the legal capital of the Export-Import Bank of Korea from the current 15 trillion won to 25 trillion won.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and Partial Amendment to the Regulations on Financial Investment Business

Competent Authority: Financial Services Commission

● This amendment aims to enhance long or short-term maturity mismatching investing practices in trust or wrap products by mandating financial security companies to strengthen risk management practices and better notify customers.

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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.

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For any queries about the bills, contact cr@draju.com.