(123rf)
(123rf)

Proposed Bill: Partial Amendment to the Act on the Protection of Virtual Asset Users

Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)

● This amendment aims to protect virtual asset users by requiring virtual asset service providers to report and disclose information on the occurrence of events such as hacking or computer failures. It also adds provisions stipulating the preferential return of virtual assets to users.

Proposed Bill: Partial Amendment to the Immigration Act

Proposed by Rep. Koh Dong-jin (People Power Party)

● This amendment eases the visa issuance standards and procedures to attract top foreign workers in advanced industries such as semiconductors, software, displays, biotechnology, secondary batteries and batteries.

Pending Bill: Partial Amendment to the Telecommunications Business Act

Proposed by Rep. Kim Hyun (Democratic Party of Korea),

● This amendment limits the market dominance of the Mobile Virtual Network Operators affiliated with the three leading mobile carriers or large companies to 60 percent.

Promulgated Bill: Act to Promote the Development and Commercialization of Autonomous Ships

Competent Authority: Ministry of Oceans and Fisheries

● This bill promotes the development and commercialization of autonomous ships by requiring relevant authorities to formulate five-year master plans for their promotion. It also establishes provisions for supporting and approving performance demonstrations and expert training, conducting research and development projects, and evaluating navigation zones.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Act on Labeling and Advertising of Foods

Competent Authority: Ministry of Food and Drug Safety

● This amendment improves the readability of food labels by requiring the font size of product names, use-by dates, allergy-causing substances and storage instructions, to be increased to 12 points. It requires other information, such as ingredients, to be provided via electronic barcodes.

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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.

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