According to the press release by the Korean Intellectual Property Office (KIPO) the compensation amount for trademark right infringement increased by up to three times in order to provide better protection for Trademarks in South Korea.

The formula to calculate the damages in case of trademark infringement has been revised from “Generally acceptable amount” to “Reasonably acceptable amount'.

In addition, the punitive statutory damages for trademark infringement in South Korea increased from KRW 50 million to KRW 100 million and in case of intentional infringement the compensation amount tripled to KRW 300 million.

The revision to the bill of Trademark Act was made by the National Assembly and it will take effect from April 2021 and its main purpose is to reflect the value of intellectual property as it is currently in the market and to better protect small and medium-sized businesses dealing with infringements of their intellectual property by others.

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