To celebrate the first anniversary of the country's adoption of the regulatory sandbox, Minister of Trade, Industry and Energy Sung Yun-mo on Jan. 29 in Gimpo, Gyeonggi-do Province, tries a manual wheelchair equipped with an innovative motor kit that converts the wheelchair into an electric one. (Ministry of Trade, Industry and Energy)
By Kim Minji
Minister of Trade, Industry and Energy Sung Yun-mo on Jan. 29 said, "To develop the regulatory sandbox into a platform for regulatory innovation, the ministry will focus on finding more sandbox tasks and reinforcing post-support and institutionalization."
A regulatory sandbox is a mechanism for exempting or suspending regulations on goods and services that were formerly unavailable due to such rules.
Marking the first anniversary of the regulatory sandbox's adoption, the minister visited the regulation-exempt RS Care Service in Gimpo, Gyeonggi-do Province, and said, "If last year was a year (for the regulatory sandbox) to settle, this year is the year it will make a leap."
As a small developer and manufacturer of wheelchairs and related apparatus, RS is a leading regulatory sandbox benchmark posting stellar results among the 195 cases the government approved last year.
In 2018, the company created a motor kit that converts a manual wheelchair into an electric one featuring low price and easy installation, but strict regulations prevented the wheelchair's release on the market. RS saw its request for regulation exemption accepted last year and went on to record KRW 1.2 billion in additional sales, selling the kit both in the country and Japan.
To strengthen the finding of more regulatory sandbox tasks, the government will accelerate the creation of innovative cases through three systems; a bottom-up approach in which companies file individual requests for sandbox; a top-down approach in which the ministry looks for important tasks with companies; and a center within the Korea Chamber of Commerce and Industry to allow private companies to request a regulatory sandbox.
Key regulations on sectors including artificial intelligence, big data, and biology and medicine will also be eased to maximize the synergy effect between the regulatory sandbox and industrial policy.
To enforce post-support and institutionalization, the ministry will expand post support including improvement of certificate criteria and product performance to speed up the approval tasks of the regulatory sandbox. Government support will continue until regulation policy is organized enough so that the companies can continue projects after the regulatory sandbox period expires.
kimmj7725@korea.kr