Establishment of a Private-Led Platform Self-Regulatory Organization... Incentives for Participating Companies

Government Holds the '1st Inter-Ministerial Platform Policy Council'

[Asia Economy Sejong=Reporter Kwon Haeyoung] The government has decided to promote platform policies based on the principle of private-led self-regulation and will establish a legal basis for the 'private self-regulatory organization.' It will also create grounds for providing incentives to companies participating in self-regulation under the Fair Trade Act.

Bang Giseon, First Vice Minister of the Ministry of Economy and Finance, held the '1st Pan-Government Platform Policy Council' at the Government Seoul Office on the 6th to discuss these measures. The meeting was attended by vice ministers from the Ministry of Science and ICT and the Ministry of Employment and Labor, vice chairpersons from the Fair Trade Commission, the Korea Communications Commission, and the Personal Information Protection Commission, as well as the Startup Promotion Policy Officer from the Ministry of SMEs and Startups.

First, through amendments to the Telecommunications Business Act, the government will establish the legal basis for private self-regulatory organizations and create grounds in the Fair Trade Act to provide incentives to companies participating in self-regulation. Referring to existing self-regulation cases, various self-regulatory measures such as self-regulatory codes, win-win agreements, and self-dispute resolution will be prepared, and support will be provided to ensure sufficient enforceability.

Each ministry will unify the platform surveys they had been conducting separately to promote comprehensive and systematic market analysis, and strengthen the policy infrastructure by establishing unified platform definition regulations across ministries.

The government plans to specify self-regulatory measures through a private self-regulatory organization involving various stakeholders such as platform operators, service providers, consumers, and workers. The private self-regulatory organization will be divided into four divisions: Gap-Eul (supplier-consumer relations), consumers, data & artificial intelligence (AI), and ESG (environment, social, and governance). Each division will promote self-regulation under the responsibility of the supervising ministry, and based on public-private collaboration and discussions, will develop regulatory measures tailored to the characteristics of each platform.

The government plans to support the self-regulatory organization politically and discuss mid- to long-term policy measures centered on the Pan-Government Platform Policy Council led by the Ministry of Economy and Finance, which was launched on the same day.

Vice Minister Bang said, "Creating a platform usage environment that the public can trust is an essential condition for the sustainable growth of the platform market," and added, "Going forward, we will concentrate government-wide capabilities centered on the Pan-Government Platform Policy Council to politically support self-regulation in the platform market."

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