Amendments to financial laws target gaps exposed by TMON-Wemakeprice crisis but may limit market competition
South Korea is moving to tighten oversight in the wake of a liquidity crisis that rocked e-commerce platforms TMON and Wemakeprice, leaving vendors unpaid and damaging trust in online marketplaces.
At a public hearing on Monday, the Financial Services Commission (FSC) and Fair Trade Commission outlined the government’s move to amend the Electronic Financial Transactions Act and the Fair Transactions in Large Retail Business Act.
South Korea is moving to tighten oversight in the wake of a liquidity crisis that rocked e-commerce platforms TMON and Wemakeprice, leaving vendors unpaid and damaging trust in online marketplaces.
At a public hearing on Monday, the Financial Services Commission (FSC) and Fair Trade Commission outlined the government’s move to amend the Electronic Financial Transactions Act and the Fair Transactions in Large Retail Business Act.
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