Government Publishes 2-Year Performance Report on Regulatory Sandbox

[Asia Economy Reporter Son Sun-hee] The government announced on the 9th that it has published a report compiling major achievements to mark the second anniversary of the implementation of the regulatory sandbox.

The Office for Government Policy Coordination and the five main ministries overseeing the regulatory sandbox (Ministry of Science and ICT, Ministry of Trade, Industry and Energy, Financial Services Commission, Ministry of SMEs and Startups, and Ministry of Land, Infrastructure and Transport) made this announcement through a press release. This achievement report was created to help the public better understand the regulatory sandbox system and to inform businesspeople facing difficulties in advancing projects using new technologies and services due to regulatory barriers about the potential uses of the system.

The achievement report is composed of two sections. Part 1 describes the history of the introduction of the regulatory sandbox system, its implementation framework, and its achievements. Part 2 introduces 55 approved cases across five fields where companies and the public have a high perception of the regulatory sandbox’s effectiveness.

In the foreword, Koo Yoon-chul, head of the Office for Government Policy Coordination, stated, "Awareness of the regulatory sandbox among companies is continuously rising, with satisfaction exceeding 90%, highlighting it as an icon of regulatory innovation for new industries under the Moon Jae-in administration. We will continue to develop the regulatory sandbox system to ensure that new technologies and ideas are not stifled by existing laws and regulations that fail to keep pace with the development of new industries."

'Two Years of Regulatory Sandbox Implementation: Major Cases' can be viewed and downloaded on the Office for Government Policy Coordination website and the Regulatory Information Portal.

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