A Comprehensive Review of South Korea’s Act on Consumer Protection in Electronic Commerce 2002- Regulatory Framework and Implications

Summary:

This document introduces the Act on Consumer Protection in Electronic Commerce (ACP-EC) 2002 in South Korea, a pioneering regulation protecting consumer rights in the digital domain. The Act's key provisions include transparency and information disclosure, a cooling-off period for consumer contract withdrawals, and accountability for damages or losses due to misleading information. While the ACP-EC has set important foundational principles, its continued relevance is contingent on adapting to rapidly evolving technologies and global business practices.