Selling Scalped Tickets for 100,000 Won Will Result in a 5 Million Won Fine... 'Anti-Ticket Scalping Law' Passes National Assembly

[Financial News] The so-called 'Anti-Ticket Scalping Law,' which imposes administrative fines for the illegal resale of concert tickets or sports event admission tickets, has passed the standing committee of the National Assembly of the Republic of Korea.
The Culture, Sports and Tourism Committee held a plenary session on the 28th and approved amendments to the Public Performance Act and the National Sports Promotion Act.
The amendments prohibit the illegal purchase or resale of admission tickets and stipulate that those caught illegally reselling tickets may be fined up to 50 times the sale amount.
Additionally, any profits gained from illegal resale can be confiscated or an equivalent value collected. Whistleblowers who report illegal purchases or resales may also be eligible for a reward.
President Lee Jae-myung stated at the State Council meeting on the 11th that 'administrative fines are much more effective than criminal penalties in eradicating ticket scalping for performances and sports events. Consider imposing heavier fines.'
The National Assembly Culture, Sports and Tourism Committee also approved an amendment to the Copyright Act, commonly referred to as the 'Noonoo TV Blocking Law.'
Noonoo TV is a streaming website that illegally replicated and provided movies and television programs from domestic and international over-the-top media services (OTT) for free.
The amendment allows the Minister of Culture, Sports and Tourism (MCST) to block access to illegal copies via information networks and introduces a punitive damages system of up to five times the amount for copyright infringement.
y27k@fnnews.com Seo Yoon-kyung Reporter