Increased Effectiveness of ICT Regulatory Sandbox... Mandatory Regulatory Reforms Within 4 Years
Amendment to the Information and Communications Convergence Act Passed at the Cabinet Meeting on the 1st
Temporary Permit Validity Period Extended Until Completion of Maintenance in Case of Inevitable Delay in Legal Maintenance
[Asia Economy Reporter Cha Min-young] A special law aimed at enhancing the effectiveness of the ICT regulatory sandbox system by expediting the legal basis maintenance by the regulatory authorities to enable companies to smoothly carry out their business has passed the Cabinet meeting.
The Ministry of Science and ICT announced on the 1st that the amendment to the "Special Act on Promotion of Information and Communications and Convergence Activation," which includes this content, was approved at the Cabinet meeting. The amendment will take effect six months later.
This amendment mandates the regulatory authorities to revise the legal basis for temporary permits. After temporary permit approval through the ICT regulatory sandbox, the relevant regulatory authorities are obligated to revise the laws that serve as the basis for the temporary permits within the maximum validity period of four years.
In cases where legal revisions are inevitably delayed, the validity period of the temporary permit will be extended until the completion of the legal revision. Previously, companies approved for temporary permits had to suspend their business upon expiration of the permit period. However, if the legal revision target is a law, it is excluded from the validity period extension.
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An official from the Ministry of Science and ICT stated, "With this amendment to the Information and Communications Convergence Act, companies approved for temporary permits under the ICT regulatory sandbox can pursue innovative efforts without anxiety about business suspension. Additionally, by aligning the operation of the regulatory sandbox system with other ministries operating the same system, administrative inconveniences for companies using the sandbox system are expected to decrease."
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