Proposed Bill: Partial Amendment to the Foreign Exchange Transactions Act

Proposed by Rep. Park Sung-hoon (People Power Party)

  • This bill would classify stablecoins as statutory payment methods to place them under the regulatory framework of the Act and prevent potential illegal foreign exchange transactions and tax evasion involving stablecoins.

Proposed Bill: Act of the Promotion of Utilization and Artificial Intelligence by Small and Medium Enterprises

Proposed by Rep. Kim Dong-ah (Democratic Party of Korea)

  • This bill would designate the Ministry of SMEs and Startups as the control tower overseeing policies on the utilization of artificial intelligence by small and medium-sized enterpises, and would significantly expand access to AI learning data.

Pending Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry

Proposed by Rep. Lee Chul-gyu (People Power Party)

  • This bill would facilitate infrastructure support and exempt research and development workers in the semiconductor industry from the 52-hour weekly work limit by mutual agreement, in order to enhance the industry's global competitiveness.

Promulgated Bill: Enforcement Decree of the Game Industry Promotion Act

Competent Authority: Ministry of Culture, Sports and Tourism

  • The bill requires overseas game companies with annual sales in South Korea exceeding 1 trillion won ($686.8 million) or an average of 1,000 or more daily downloads in Korea to appoint domestic agents.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Act on Special Cases Concerning Unoccupied House or Small-Scale Housing Improvement

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would loosen the criteria for defining a "city bloc," which serves as the regional basis for implementing city block housing improvement projects, with the aim of promoting such projects.

The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.