Acceleration of 'Regulatory Sandbox' Legal Revisions... 9 Completed, 64 in Preparation

[Asia Economy Reporter Kwangho Lee] The government is accelerating the revision of laws and regulations through the regulatory sandbox. Normally, regulatory improvements are possible after the expiration of the temporary permit and demonstration exception period of 2+2 years, but the aim is to selectively preemptively suspend or exempt regulations for projects that can quickly verify safety.

The Office for Government Policy Coordination announced on the 20th that out of 227 cases approved since the regulatory sandbox in January last year, regulatory improvements have been completed for 9 cases, partially completed for 18 cases, and preparations for legal revisions are underway for 64 cases.

The regulatory sandbox is a system that suspends or exempts regulations for a certain period to allow innovative new technologies to be launched in the market. After demonstration and verification that there are no safety issues, regulations are improved so that not only the applicant company but also related companies can launch products in the market. The temporary permit and demonstration exception period is usually set at 2+2 years.

Under the normal process, all 4 years must be completed including the demonstration phase before regulatory improvements can be made. The government has decided to revise laws even before the expiration date by selecting projects whose safety has been verified.

Nine projects have completed regulatory improvements such as revisions to enforcement decrees and notifications. Virtual reality (VR) simulators have been included as practical training equipment for obtaining construction machinery licenses, just like actual equipment. The use of four types of edible colorants has been permitted for latte art coffee made using 3D printers.

Eighteen projects have partially completed legal revisions and are proceeding with additional regulatory improvements such as revising enforcement decrees and establishing standards. For the VR experience truck, the 'Automobile Management Act Enforcement Rules' have been revised and safety inspection standards are being prepared. For automatic patent value evaluation using artificial intelligence (AI), the revision of the 'Credit Information Protection Act' has been completed and enforcement decrees are being drafted.

In addition, 64 projects including mobile electronic notifications, loan comparison platform services, and mobile driver's licenses are preparing regulatory improvements such as drafting amendment bills.

An official from the Office for Government Policy Coordination said, "As the verification performance of demonstration exception projects, which account for most (81.4%) of the regulatory sandbox approved projects, is increasing, there will be more regulatory improvement achievements by the end of the year."

He added, "We will continue to make it clear that the purpose of the regulatory sandbox is to help companies fully launch in the market and will further accelerate preemptive legal revisions."

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