[Yoon Seok-yeol Elected] ICT Industry Also Expects 'Minimal Regulation, Business-Centered'... Interest in Allowing P2E

Emphasis on Digital Platform Government
Expanding Public Accessibility Using Advanced Technologies like AI

Industry Alert on Game-Related Policies
Yoon Takes Cautious Stance on P2E Games
Concerns Over Side Effects Such as Money Laundering

President-elect Yoon Suk-yeol is walking to pay respects at the National Seoul Memorial Cemetery in Dongjak-gu, Seoul, on the 10th. Photo by Yoon Dong-ju doso7@

[Asia Economy reporters Kang Nahum and Cha Minyoung] Various changes are expected to occur in the ICT industry with the advent of the new Yoon Suk-yeol presidential era. The ICT sector is keenly watching the government’s stance on sensitive industry issues such as platforms, games, and virtual currencies, alongside expectations for Yoon’s principle of ‘minimal regulation, business-centric’ policies.

"Towards a Digital Economy Hegemony Nation"

Kim Sung-tae, IT special advisor to President-elect Yoon Suk-yeol, stated in a phone interview with Asia Economy on the 10th, "The idea that a vice-premier-level control tower ministry such as the ‘Digital Convergence Innovation Ministry (tentative name)’ is necessary to promote convergence innovation remains unchanged."

Advisor Kim added, "There is a consensus that institutional improvements are needed for the spread of advanced technologies such as artificial intelligence (AI), big data, metaverse (extended virtual world), non-fungible tokens (NFT), virtual currencies, and beyond 5G technologies," and "Once the transition committee is formed, governance discussions and specific policy reform directions will be discussed."

The People Power Party announced the ICT policy slogan for January as ‘In the Digital Earth Era, Make the Republic of Korea a Digital Economy Hegemony Nation,’ presenting three major goals and six pledges. The three goals are ▲Leap to an economic hegemony nation in the digital earth era ▲Electronic government round 2! Export of digital platform government ▲Strengthening digital economic strategic alliances. The six practical strategies include fostering the AI industry, developing the software industry, building advanced digital infrastructure, supporting digital convergence industries, establishing a robust cyber safety net, and nurturing one million digital talents.

A prominently emphasized policy is the ‘Digital Platform Government.’ Similar to the past success of electronic government, the plan is to enhance public accessibility through a platform government utilizing advanced technologies such as AI, big data, and the Internet of Things (IoT). During the presidential campaign, the ‘AI Yoon Suk-yeol’ armed with big data was showcased as part of this strategy. Amid strong international interest in the Korean presidential race, foreign media such as The Wall Street Journal (WSJ) highlighted AI Yoon Suk-yeol, noting that "Korean presidential candidates are courting young voters with more witty and likable avatars."

P2E is ‘Cautious,’ Gamer Rights Protection ‘Priority’

The industry is also on high alert regarding changes in game-related policies following the regime change. The biggest concern in the gaming sector is whether P2E (Play to Earn) will be permitted. Currently, leading domestic game companies such as Wemade, Netmarble, and Com2uS are targeting the global P2E market, but P2E games remain blocked by regulations domestically.

President-elect Yoon has also taken a cautious stance on P2E games, expressing concerns about side effects such as money laundering, making it unlikely that active institutional reforms will be pursued early in the administration. In fact, although Yoon’s campaign pledge book, ‘A New Republic of Korea Built on Fairness and Common Sense,’ included content on permitting games and deregulation, it was excluded from the final version. The Yoon campaign explained, "Regulations that hinder the gaming industry’s path should be improved, but if games are used as real asset investments or exchange/payment means, a strong safety net including consumer protection systems must be established before promoting the industry." However, there are plans to actively foster digital assets applicable to games, such as NFTs, first.

There is also a proactive approach to protecting gamers’ rights. Through a ‘Gamer Rights Protection System Participated by the Public,’ there are plans to fully disclose information on probability-based items. Yoon stated, "We will mandate game companies to fully disclose information related to probability-based items so that gamers, the public, can directly monitor game companies," adding, "It will be a form of direct monitoring by creating a user committee similar to broadcasters’ viewer committees." A dedicated investigative unit for small-scale game fraud will be established, along with a Game Accessibility Promotion Committee for people with disabilities.

Telecom Industry Welcomes 5G Infrastructure Policy

The telecom industry is focusing on the ‘building of advanced digital infrastructure,’ one of the six practical strategies that include upgrading the nationwide 5G network and leading the global standard for 6G. This involves shortening data transmission distances and intensively fostering Mobile Edge Computing (MEC) technology, which enables ultra-high-speed, ultra-low-latency, and ultra-connected services.

A telecom industry official said, "The way to induce 5G investment is to supply frequencies early and simultaneously to foster investment competition, which aligns with the market free economy principle mentioned by President-elect Yoon," adding, "The 5G 28 GHz policy, a market failure case with no demand from companies, also seems to require a complete revision from scratch."

This content was produced with the assistance of AI translation services.