By Kim Young Deok and Lee Jihae

Prime Minister Lee Nak-yon on April 25 urged government bodies to foster 100 exemplary instances of the regulatory sandbox this year. 

Lee made the suggestion in a coordination meeting at Government Complex-Sejong on government affairs, evaluation of the 100-day trial run of the regulatory sandbox and remaining tasks. The regulatory sandbox is a government program that eliminates or alleviates regulations on new products and services to grant domestic companies more freedom and less regulation.

The government's flagship project for the regulatory sandbox is the establishment of hydrogen charging stations. Twenty-six agenda items were also approved within 100 days including remittance of congratulatory or condolence money via credit cards. The number of such items authorized by Seoul within 100 days is more than double that of the U.K., which OKs about 40 a year.


Korea's regulatory sandbox comprises three parts that the government considers "revolutionary." The first is speedy confirmation of regulations before a product or service is launched. The second is temporary approval of the early launch of a product or service without the need to pass regulations. And the third is a substantiation exception that permits testing without regulations.

In the same meeting, Lee and attending officials also discussed enhancing the completion of the regulatory sandbox and the policy's tasks. The government plans to support applications from and legal advice for domestic companies seeking to participate in the program, as well as provide consultation and deliberation for applications with similar precedents. 

The evaluation of an additional 20 cases is slated for completion by early May. The government said the ensuing full-scale screening of financial and regional innovations will lead to more than 100 instances of regulatory sandbox per year.

kyd1991@korea.kr