Startup Alliance (CEOs Lee Ki-dae and Lim Jeong-wook) announced on the 12th that it published an issue paper titled "Coupang was the one who struck, but is the entire platform suffering the blow?" that analyzed the trend of strengthening regulations in the platform industry and the resulting changes in the ecosystem.
This report analyzes how, following the Coupang personal information leak in November 2025, regulatory discussions have expanded beyond individual companies' responsibilities to encompass structural controls across the entire platform industry. While the initial focus following the incident was on holding specific companies accountable for their security investments and management, the report explains that regulatory discussions have since expanded to encompass diverse policy areas, including fair trade, labor, taxation, and finance.
According to the report, the National Assembly and the government are simultaneously pursuing legislation to regulate the overall platform business structure, including amendments to the Personal Information Protection Act, the Online Platform Act, and the Food Delivery Platform Act. The report concluded that the regulatory paradigm is shifting from post-facto accountability to ex ante obligations. The report concluded that the strengthening of the approach of preemptive control over business structures and operational processes could limit companies' operational flexibility.
In particular, they pointed out that this environment could place a greater burden on startups and small and medium-sized platforms, which have relatively limited human resources and resources compared to large platforms. They explained that some legislative proposals, which set the target for application based on sales of 10 billion won or total sales of 100 billion won, could potentially include even growth-stage companies in the same regulatory framework. This could lead companies to perceive growth itself as a regulatory signal, potentially hindering market expansion.
The report also noted the potential negative consequences of price-control regulations, such as fee caps and mandatory settlement cycles. The report explained that limiting fees alone while maintaining the platform's operating cost structure could lead to a "balloon effect," where costs are passed on to other channels, such as increased advertising costs or reduced services. This could lead to increased burdens on merchants and reduced consumer welfare.
Furthermore, despite the proliferation of generative AI, which is evolving platforms into core infrastructure that combines data accumulation and AI utilization, the study assessed that domestic policies tend to primarily view platforms as targets of regulation. It suggested a policy shift away from separating AI industry promotion and platform regulation, and toward viewing data, platforms, and AI as a single strategic ecosystem.
Lee Ki-dae, co-CEO of Startup Alliance, said, "Platforms are a core ecosystem that connects technology and data," and added, "If a specific incident triggers a strengthened regulatory approach, it could impact the industry's mid- to long-term competitiveness."
Meanwhile, the Startup Alliance Issue Paper is an analysis report covering legal, regulatory, and policy issues related to the startup ecosystem, and can be downloaded for free from the official website.
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