The Act on Promotion of Competition for Specified Smartphone Software was approved to prevent major tech companies from blocking third-party companies on their app stores.
The law targets Apple's iOS and Google's Android operating systems to stop them from restricting apps and services competing with their own platforms, aiming to benefit consumers.
The penalty for violating the law includes fines of 20-30% of domestic revenue, a substantial increase from the previous 6 % levy for anti-competitive practices.
The legislation reflects a similar EU measure and follows Epic Games' victory against Google over Play Store operations, emphasizing the global trends in regulating tech giants.
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