Asymmetrical growth in the mobile communications market has been accompanied by many regulatory issues. This has been caused by the competitive character of the mobile communications market, such as the oligopolistic market system resulting from capital integration, network externalities, supply expansion of production factors through competitors mutual connections, and scarcity of frequency bands. This essay examines these issues and discusses what regulatory policies are needed. Implications of mergers in the mobile communications market and consumer welfare will also be discussed to identify applicable rules for future policies. The overall jurisdictional perspective is that of a dynamic Korean market experience.