The Electronic Financial Transactions Act was drafted in 2002 and submitted to the Parliament's committee on finance and economy("2003 Draft"), but was not enacted because of conflicting interests between financial institutions and other participants. The second draft was made in 2004, and now is waiting for parliament's approval("2005 Draft"). The 2005 Draft has the purpose of regulating legal problems related to electronic payment general, electronic money, pre-paid payment device, creditor's electronic registered-right between enterprises, electronic terms and conditions, electronic financial business, and finance supervisors' operations. The 2005 Draft is composed of 7 chapters and 51 articles: Chapter 1 General Provisions Chapter 2 Rights and Duties of Parties of Electronic Financial transactions Chapter 3 Security of Electronic Financial Transactions and Protection of Participants Chapter 4 Admission and Registration of Electronic Financial Business Chapter 5 Supervision of Electronic Financial Business Chapter 6 Supplementary Provisions Chapter 7 Penalty The Electronic Financial Transactions Act will resolve the problems which will arise from paperless transactions and cyberspace, and enhance reliability and security of electronic financial transactions. The 2005 Draft is combining positive law and financial business law on electronic financial transactions. But the 2005 Draft does not provide services which will be developed later. Nevertheless, it is important that the Draft should be passed through Parliament, because delayed regulation of electronic financial transactions will bring more regulating costs.

The Electronic Financial Transactions Act was drafted in 2002 and submitted to the Parliament's committee on finance and economy("2003 Draft"), but was not enacted because of conflicting interests between financial institutions and other participants. The second draft was made in 2004, and now is waiting for parliament's approval("2005 Draft"). The 2005 Draft has the purpose of regulating legal problems related to electronic payment general, electronic money, pre-paid payment device, creditor's electronic registered-right between enterprises, electronic terms and conditions, electronic financial business, and finance supervisors' operations. The 2005 Draft is composed of 7 chapters and 51 articles: Chapter 1 General Provisions Chapter 2 Rights and Duties of Parties of Electronic Financial transactions Chapter 3 Security of Electronic Financial Transactions and Protection of Participants Chapter 4 Admission and Registration of Electronic Financial Business Chapter 5 Supervision of Electronic Financial Business Chapter 6 Supplementary Provisions Chapter 7 Penalty The Electronic Financial Transactions Act will resolve the problems which will arise from paperless transactions and cyberspace, and enhance reliability and security of electronic financial transactions. The 2005 Draft is combining positive law and financial business law on electronic financial transactions. But the 2005 Draft does not provide services which will be developed later. Nevertheless, it is important that the Draft should be passed through Parliament, because delayed regulation of electronic financial transactions will bring more regulating costs.

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electronic financial transaction, electronic payment, electronic fund transfer, electronic money, direct payment device, pre-paid payment device, creditor's electronic registered-right, electronic financial business, electronic financial enterprise.