Reasons for Proposal
Recently, the concept of “sharing economy” (that is, utilizing ICT to lend privately owned idle assets to others) has been spreading rapidly while its influence is extending to various sectors from the traditional hospitality industry to the latest digital content transactions.
To support and manage the sharing economy, three metropolitan councils of the Metropolitan Cities of Seoul, Busan and Gwangju and 34 local governments of Gangdong-gu, Guri-si, Geochang-gun, etc., established a Municipal Ordinance for the Promotion of Sharing Economy, but on a national level, the system for providing legal support for and managing the sharing economy has yet to be set up.
Accordingly, the bill aims to create jobs, boost the economic value of idle assets and lay the foundation for new growth engines in the Fourth Industrial Revolution by preparing the national system for the sharing economy.
Details
A. Contribute to the balanced development of the national economy by stipulating basic matters for maximizing the use of resources and stimulating local economy through the promotion of the sharing economy. (Article 1)
B. Define the term “sharing economy” as an economic activity that creates a social, economic and environmental value, in which a consumer makes use of information communication technologies to pay for and consume a certain service provided by a supplier who owns an idle asset. (Article 2, paragraph 1)
C. Require the State to set up the system and conditions for promoting the sharing economy and to prepare relevant policies; and in line with the national policies, local governments shall establish and implement measures that reflect the region’s characteristics. (Article 3)
D. Require the Minister of Strategy and Finance to establish a master plan every five years to promote the sharing economy and establish and carry out an implementation plan for each year in compliance with the master plan. (Article 5)
E. Establish a Sharing Economy Policy Review Committee within the Ministry of Strategy and Finance to deliberate on major sharing economy policies. (Article 6)
F. Require the Minister of Strategy and Finance to designate brokers who intermediate idle asset usage transactions between consumers and suppliers by utilizing information communication technologies (Article 7)
G. Require brokers fulfill their obligations of resolving idle asset information asymmetry and protecting personal information of the suppliers and consumers, etc. (Article 8)
H. The Minister of Strategy and Finance shall divide the industry's suppliers based on their transaction amount and frequency into two categories: temporary and permanent. (Article 9)
I. The Minister of Strategy and Finance shall consult with the heads of central administrative agencies related to the Sharing Economy Act and subordinate statutes and prepare system reform measures to relax sharing-economy-related regulations on temporary suppliers. (Article 10)
J. The Minister of Strategy and Finance shall provide brokers with guidance and counsel necessary for implementing the obligations of this Act. (Article 11)
