South Korea Passes App Store Law Challenging Apple, Google's Dominance

South Korea approved detailed rules for a law banning dominant app store operators from forcing software developers to use their payments systems, Reuters reports.
The dominant app store operators include Apple Inc AAPL and Alphabet Inc's GOOG GOOGL Google.
Apple and Google faced global flak for requiring the use of proprietary payment systems that charge commissions of up to 30%.
The rules will be effective on March 15. They specify that the law bars "the act of forcing a specific payment method to a provider of mobile content" by unfairly utilizing the app market operator's status, the regulator Korea Communications Commission (KCC) said in a statement.
The fines for infractions could range up to 2% of an average annual revenue from related business practices.
Price Action: GOOG shares traded lower by 0.37% at $2,520 in the premarket on the last check Tuesday.

Overview Rating:

Good

100

0100