- The bill also imposes a 20 million won fine for failing to meet content display obligations
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A bill regulating overseas games companies that disrupt domestic markets has passed Korea’s culture, sports, and tourism committee.
According to ZDNET Korea, the country’s CSC passed the ‘partial amendment to the act on the promotion of the game industry’ at a plenary session on Tuesday, August 27th, 2024.
The bill, which requires foreign game companies to appoint a domestic agent, was proposed by Kang Yoo-jung, a member of the Democratic Party of Korea, on Monday, June 3rd.
It also imposes a 20 million won fine for failing to meet content display obligations, including rating classifications and probability item information.
Failed legislative effort
In the domestic game market, issues with overseas companies, such as unilateral service terminations and non-disclosure of random item information, have highlighted a lack of legal grounds for sanctions.
Former Democratic Party member Lee Sang-heon proposed revising the Game Act to address this by introducing a system of overseas game company agents, but it failed to pass the National Assembly in Korea.
The games division has seen impressive growth lately, including an $80 million investment raised by HYBE IM to bolster its game publishing efforts.
