"Fake news could be removed starting today" ... 'fake news law' takes effect, with fines of up to 1 billion won

[Financial News] An amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection, known as the fake news law, takes effect on the 7th. The law imposes strong liability on major online platforms that fail to address fake news and false or manipulated information.
The law applies to large platform operators with an average of more than 1 million users per day.
Domestic and overseas online platform companies, including Naver, Kakao, Google and Meta Platforms, must establish systems for reporting and handling false or manipulated information and put in place related operating policies as part of their self-regulatory obligations. Those that violate the rules or leave false information unchecked will face heavy financial penalties.
If a poster intentionally spreads fake news and causes damage, punitive damages of up to five times the amount of the loss will apply. A deliberate poster who repeatedly distributes information that has been ruled illegal by a court may be fined up to 1 billion won.
Market attention is focused on how the law will affect the platform industry’s regulatory costs and service operating policies.
Major domestic and overseas platform companies have already begun applying revised operating policies in line with the law’s enforcement.
Kakao added a ban on the distribution of false or manipulated information to its operating policy and informed users that content may be removed.
Naver has reorganized its reporting center for illegal and false or manipulated information, allowing users to report deepfakes and false posts.
Google has set up a separate reporting channel tailored to domestic law, while Meta Platforms has presented guidelines for working with organizations certified by the International Fact-Checking Network (IFCN).
However, industry officials say there are no clear legal standards for determining false or manipulated information, leading to criticism that "the government has shifted review responsibility onto private companies."
Domestic companies such as Naver and Kakao follow the guidelines of the Korea Internet Self-Governance Organization (KISO), while overseas big tech firms such as YouTube and Meta Platforms use international standards through the IFCN. As platform-specific review systems become more diverse, some warn that users could become confused.
sms@fnnews.com Sung Min-seo Reporter