On February 14, 2023, the Korean National Assembly passed out a proposed legislation to enact “Act on Promotion of AI Industry and Framework for Establishing Trustworthy AI” (the “AI Act”). Now, the AI Act is only a few steps away from the National Assembly’s final votes. If passed into law, the AI Act would be the first law to become a statutory foundation that comprehensively governs and regulates AI industry in Korea. Major highlights of the bill are expected as follows. The AI Act makes it clear that, as a general principle, AI regulations must allow anyone to develop new AI technology without having to obtain any government pre-approval. The AI Act sets forth certain types of AI that are used in direct connection with human life and safety as “high-risk AI” and requires that such high-risk AI achieve a certain level of trustworthiness. The AI Act provides support for innovative businesses in the AI industry. The AI Act provides a statutory basis for establishing “ethical guidelines for AI.” The AI Act sets forth a statutory basis for establishing (i) a “Basic Plan for AI,” which will likely serve as a policy roadmap for developing AI technology in Korea and (ii) an ”AI Committee” supervised by the Prime Minister.