South Korea Passes Major New Law Targeting In-App Purchases
South Korea's National Assembly has passed a new law that will require Apple and Google to open up in-app purchases to third-party payments. Apple and Google currently require the use their own payment systems for in-app purchases, from which the companies extract a cut of up to 30%. The law also regulates approval times for new apps, as well as reasons for removing apps from app stores. The new law is similar to ones being considered in the US and EU, but South Korea will be the first major market to implement such a law. The law will go into effect as soon as the President Moon Jae-in signs it, as he is expected to do.
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