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 (NASDAQ:AAPL) and Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: 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.