'Regulatory sandbox' program launched in South Korea
South Korea continues its drive to deregulate the economy... in line with the Moon Jae-in administration's goal of innovative growth.
Today.... the government launched a 'regulatory sandbox' program.... to make it easier for firms to test products without worrying about regulations.
Cha Sang-mi has more.
In line with government's continued deregulation efforts, a so-called 'regulatory sandbox' program went live on Thursday.
The 'sandbox' is aimed at encouraging new industries and technologies to innovate more freely by offering regulatory waivers for product and service testing during a set time period.
The ICT Convergence Act and the Industrial Convergence Promotion Act came into effect on Thursday and two ordinances regarding financial innovation and regional economy-related regulations are coming into effect in April.
Under the changes, companies can look up relevant regulations more easily and can apply for temporary permits for market entry if regulations are too vague or illogical.
The science ministry said the program will speed up the process of winning regulatory approval, as it will pave the way for firms to launch new services and goods first,... and for the government to apply reasonable regulations later.
Once approved, the program lasts for two years, with a one-time extension allowed.
During this time, businesses can test out their technologies and services in the market and redesign their strategies accordingly.
The government says around 20 companies have already applied for a review of their products and services.
This launch comes after five deregulatory laws were submitted to the National Assembly in March of last year, of which four were passed this January.
Cha Sang-mi, Arirang News.
Today.... the government launched a 'regulatory sandbox' program.... to make it easier for firms to test products without worrying about regulations.
Cha Sang-mi has more.
In line with government's continued deregulation efforts, a so-called 'regulatory sandbox' program went live on Thursday.
The 'sandbox' is aimed at encouraging new industries and technologies to innovate more freely by offering regulatory waivers for product and service testing during a set time period.
The ICT Convergence Act and the Industrial Convergence Promotion Act came into effect on Thursday and two ordinances regarding financial innovation and regional economy-related regulations are coming into effect in April.
Under the changes, companies can look up relevant regulations more easily and can apply for temporary permits for market entry if regulations are too vague or illogical.
The science ministry said the program will speed up the process of winning regulatory approval, as it will pave the way for firms to launch new services and goods first,... and for the government to apply reasonable regulations later.
Once approved, the program lasts for two years, with a one-time extension allowed.
During this time, businesses can test out their technologies and services in the market and redesign their strategies accordingly.
The government says around 20 companies have already applied for a review of their products and services.
This launch comes after five deregulatory laws were submitted to the National Assembly in March of last year, of which four were passed this January.
Cha Sang-mi, Arirang News.