One Year Since Regulatory Sandbox Implementation... Sung Yoon-mo: "We Will Create an Expert 'Regulation Repair Team'"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Sung Yoon-mo, Minister of Trade, Industry and Energy (pictured), announced on the 29th that a 'Regulatory Calculus Working Group' will be formed to prepare institutional improvement plans for projects that have been successfully demonstrated using the regulatory sandbox.

On the day marking the first anniversary of the regulatory sandbox implementation, Minister Sung visited RS Care Service, which received demonstration exception approval and is currently operating its business, and held a meeting with approved companies and the Regulatory Exception Deliberation Committee. At this meeting, Minister Sung stated, "We plan to focus on two directions to develop the regulatory sandbox into a 'regulatory innovation platform': strengthening task discovery, and enhancing post-support and institutionalization."

He emphasized, "We will establish a proactive regulatory reform system that provides close support until regulatory maintenance is completed." This means strengthening post-support to ensure approved projects start promptly, while preventing business interruptions due to unprepared laws after the sandbox period ends.

He continued, "We will select projects that are successfully demonstrated, establish a new 'Regulatory Calculus Working Group' involving legal and technical experts, and implement a service to prepare legal improvement plans and provide them to regulatory authorities." The working group, composed of professors, law firms, and technical experts, will draft regulatory improvement plans, which will be approved by the Regulatory Exception Deliberation Committee and then delivered to the relevant ministries.

Additionally, Minister Sung expressed his intention to accelerate the creation of innovative cases through the 'three major sandbox task discovery systems': a bottom-up approach centered on company applications (companies apply to the Ministry of Trade, Industry and Energy), a top-down approach (the ministry discovers important tasks in consultation with companies), and a newly established private reception organization at the Korea Chamber of Commerce and Industry.

In particular, regarding the top-down approach, he announced plans to focus on discovering and resolving core regulations in high value-added fields such as artificial intelligence (AI), big data, bio and medical, mobility, robotics, and new energy industries.

Minister Sung pledged, "We will proactively resolve cases where new technologies of individual startups and venture companies are blocked by outdated regulations, and ensure that the regulatory sandbox becomes a 'warm regulatory sandbox' that supports socially vulnerable groups, like RS Care Service."

This content was produced with the assistance of AI translation services.