In South Korea, the so-called loot box law has been in effect for over a year. It mandates developers to disclose the odds of obtaining valuable in-game items from loot boxes. Recently, a group of Korean parliamentarians has drafted a proposal to toughen the penalties for violating this law.
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In the document, the parliamentarians noted that currently, violators face a rather modest fine of 20 million won, or approximately $13,800. In their view, this is an insignificant amount, whose loss does not greatly impact companies. Developers have little incentive to abandon the illegal practice if the revenue from loot boxes can still quickly offset the fine.
The authors of the bill believe that the fine should be tied to the company's revenue. They proposed setting its amount at 3%, but not exceeding 1 billion won ($692,300).
It is noteworthy that the current law, in some cases, provides for imprisonment of up to two years in addition to a fine. Whether the parliamentarians plan to abolish such a penalty is not reported.