South Korea to allow foreigners to own, trade Web domain names

Seoul, Dec 6 (Asia Pulse) - Foreigners can own a domestic Internet domain in South Korea and a domain can stay alive even after no use over three months after registration or can be used by someone else from the following year.

The official Korea Network Information Centre (KNIC) said Monday that it mapped out revisions in current regulations on domain control. The centre will hold an online hearing on the planned changes in the hope of implementing them from next year after a board meeting on December 21.

The revisions call for abolition of the provisions on closure of domains unused for three months, prohibition on domain name lending and borrowing and limiting one person to one individual domain name.