Navigating the Digital Frontier: A Call for Updated Regulations

South Korea’s digital sector is at a critical juncture, facing the challenge of adapting to a rapidly evolving regulatory landscape. The Korea Internet Company Association (KICA) is taking a proactive stance, spearheading discussions and policy proposals to address the legislative hurdles impacting the industry. With the rise of AI and platform-based business models, existing regulations are struggling to keep pace, potentially stifling innovation and hindering growth.

Good internet Club: A Platform for Dialog and Policy Shaping

The KICA’s “Good Internet Club,” a forum established in 2014, serves as a crucial platform for stakeholders to engage in meaningful dialogue on pressing issues within the Data and Interaction Technology (ICT) sector. Scheduled for the 8th of next month at the KICA headquarters in Seocho-gu, Seoul, the upcoming Good Internet Club will focus on “Digital Legislative Legislation.” This event, supported by industry giants like Naver, Kakao, Coupang, TikTok (ByteDance), and On-Off Mix, aims to dissect the current regulatory framework and propose constructive solutions.

Addressing the Gaps: Pre-Legislative Evaluation and Stakeholder Engagement

A key focus of the Good Internet Club will be to examine the shortcomings of the current legislative process. The KICA emphasizes the need for robust pre-legislative evaluations and thorough stakeholder consultations. Currently, the absence of thes crucial steps can lead to regulations that are ill-suited to the realities of the digital industry, potentially creating unintended consequences and hindering innovation. For example, the EU’s Digital Services Act (DSA) underwent extensive consultation periods to ensure a balanced approach to regulating online platforms.

“To establish regulatory governance that meets the digital era, it also suggests policy suggestions on the introduction of the pre -legislative evaluation system, the design design based on cooperation, and the necessity of a new regulatory method that meets the characteristics of the digital industry.”

Towards a New Regulatory Paradigm: Collaboration and Adaptability

The KICA advocates for a basic shift in regulatory approach, emphasizing collaboration and adaptability. They propose the introduction of a pre-legislative evaluation system, collaborative design processes, and the development of novel regulatory methods tailored to the unique characteristics of the digital industry. This proactive approach aims to foster a regulatory surroundings that encourages innovation while safeguarding consumer interests and promoting fair competition. According to a recent report by McKinsey, adaptable regulatory frameworks are crucial for fostering innovation in the digital economy.

Expert Panel to Lead the Discussion

the Good Internet Club event will feature a distinguished panel of experts, including Han Seung-hye from the KICA’s Digital Economic Research Institute, who will moderate the session. Hwang Yong-seok, a professor of media communication at Konkuk University, Sun Ji-won, a professor at the Law School of law, and Choi Eun-jin, a legislative investigation officer, will contribute their expertise to the discussion.

Stay Informed: Live Broadcast and Further Information

The event will be broadcast live on Naver TV, providing an opportunity for a wider audience to participate in the discussion. for more detailed information about the forum and related initiatives,please visit the KICA website.