Regulatory Relaxation of 18 Items Including Approval for Car Outdoor Advertising Brokerage Platform

The 5th Regulatory Reform Committee Meeting... 63 Regulatory Special Cases Approved This Year, Up 61.5% from Last Year

Sung Yun-mo, Minister of Trade, Industry and Energy, is delivering opening remarks at the 'Regulatory Sandbox Committee' held on the 19th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Jin-hyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 22nd that it plans to approve 18 regulatory relaxation agendas, including a brokerage platform business for outdoor advertising using private cars, at the '5th Regulatory Sandbox Deliberation Committee.'

They will approve 18 agendas including new items such as the 'Brokerage Platform for Outdoor Advertising Using Privately Owned Vehicles,' 'Marine Oil Spill Recovery Robot,' as well as 'Reuse of Batteries from Electric Vehicles,' and 'Shared Beauty Salon Service.'

This year, a total of 63 cases (53 demonstration exceptions, 8 temporary permits, 2 proactive administrative actions) of regulatory difficulties for convergence new products and services will be eased. This is a 61.5% increase compared to last year's 39 cases (22 demonstration exceptions, 5 temporary permits, 12 proactive administrative actions).

The processing periods were reduced to about 45 days for the shared beauty salon service, 1 month for the reuse of batteries from electric vehicles, and 3 weeks for the wireless update service of automotive electronic control devices.

An image of a car with attached sticker advertisements. The government has eased regulations at the '5th Regulatory Sandbox Committee' to allow the implementation of an outdoor advertising brokerage platform business using privately owned vehicles. (Source: Ministry of Trade, Industry and Energy)

As of the end of this year, 34 approved companies have started their businesses. These companies are estimated to have generated about 19 billion KRW in sales this year. They have executed investments worth 55 billion KRW and newly hired 70 employees. The number of workers related to regulatory exceptions has increased to 833.

The number of tasks officially allowed to operate through legal revisions, such as urban hydrogen charging stations last year and metered outlets for electric vehicle charging this year, has also increased. A total of 12 laws have been revised so far.

A recent example is the amendment to the Food Sanitation Act related to the 'Highway Rest Area Shared Kitchen' service, which passed the National Assembly plenary session on the 3rd.

Minister of Trade, Industry and Energy Sung Yun-mo evaluated, "It is meaningful that more corporate regulatory difficulties were resolved this year through the industrial convergence regulatory sandbox compared to last year."

Minister Sung said, "Next year, we will focus on supporting approved businesses to lead to early business implementation," adding, "In particular, we plan to concentrate on discovering and resolving regulatory difficulties to support key policies such as the transition to an eco-friendly and low-carbon economy and the shift to a non-face-to-face digital economy."

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