Ministry of Government Legislation Submits Regulatory Sandbox Fast-Track Bill to National Assembly

Regulatory Sandbox Approval Reduced from 4-5 Months to 2 Months

The Ministry of Government Legislation has submitted a bill to the National Assembly that reduces the approval period for the regulatory sandbox to less than half. The regulatory sandbox is a system that allows new products and services utilizing new technologies to be exempted from existing regulations temporarily, tested and operated first, and then decides whether to improve the regulations.

On the 12th, the Ministry of Government Legislation submitted amendment bills to four laws: the "Special Act on the Promotion of Research and Development Zones," the "Special Act on the Promotion and Convergence of Information and Communications," the "Industrial Convergence Promotion Act," and the "Act on the Creation of Smart Cities and Industrial Promotion."

The amendments boldly simplify the approval procedures for new products or services that have previously received regulatory sandbox approval and are identical or similar in content, method, or form, enabling rapid commercialization.

The Ministry of Government Legislation expects that with these amendments, the regulatory sandbox approval period will be drastically reduced from the previous average of 4 to 5 months to 2 months.

Additionally, these four bills include provisions to exempt and reward proactive administrative officials related to the regulatory sandbox.

Lee Wankyu, head of the Ministry of Government Legislation, stated, "We will continue to actively collaborate with relevant ministries to ensure that national tasks are implemented swiftly."

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