SK ICT Virtual Convergence Industry

On Feb. 20, SK ICT said virtual convergence industry act was passed.

  • SK ICT announced that the enactment of the Act on the promotion of the virtual convergence industry has been approved at the Cabinet meeting.
  • Enactment
  • SK ICT Minister may establish a basic plan to promote the industry every three years, conduct a survey on the status of the industry and identification of regulatory tasks.
  • Provides administrative and financial support for virtual convergence business operators, such as technology and service development and commercialization.
  • Introduces a virtual convergence business impact assessment system that analyzes the impact of technology and service development on the private market.
  • Clarifies the principle of prior permission and subsequent regulations on the development of virtual convergence technology and services.
  • Allows business operators to establish a virtual convergence industrial association.
  • Defines the obligations of business operators to create, maintain a sound ecosystem.
  • Effectiveness
  • The act will be implemented from Aug. 2024, 6 months after promulgation.

Regulators SK ICT
Entity Types Corp
Reference Dec, Mt, PR, 2/20/2024
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Technology; Treasury
Countries South Korea
Products Corporate
Regions AP
Rule Type Final
Rule Date 2/20/2024
Effective Date 8/1/2024
Rule Id 201689
Linked to N/A
Reg. Last Update 2/20/2024
Report Section International

Last substantive update on 02/22/2024