Strengths and Weaknesses of South Korea’s Act on Consumer Protection in Electronic Commerce 2002

Summary:

The Act on Consumer Protection in Electronic Commerce 2002 in South Korea, implemented nearly two decades ago, continues to have both strengths and weaknesses in the digital consumer market. The Act's strengths include its detailed disclosure requirements, empowering consumers to make informed decisions and introducing a cooling-off period for transaction withdrawals. However, it has weaknesses, such as being technologically redundant, with regulatory gaps in newer areas like cryptocurrency and blockchain, and inconsistent enforcement mechanisms, leading to low consumer awareness. Overall, the Act requires updates to maintain its relevance in an evolving digital landscape.