The Korea Startup Forum has officially launched the ‘ICT Regulatory Sandbox One-stop Center.’ The Ministry of Science and ICT introduced the ICT regulatory sandbox in 2019 as a system that exempts or suspends existing regulations for a certain period so that various innovative technologies and services can be smoothly established in the market.
Since the implementation of the system, a total of 146 projects have been approved so far, of which 103 have been successfully launched on the market, and 57 have benefited from regulatory improvements.
In recognition of its achievements in improving regulations for the growth and development of the startup ecosystem, Korea Startup Forum was selected as the operator of the ‘ICT regulatory sandbox consultation/receipt/task support project’ in June. As the number of startups that provide innovative services in new industries has been rapidly increasing in recent years, the center’s opening is expected to expand the scope of benefits for regulatory sandbox application and regulatory improvement to existing and new companies with growth potential.
In particular, the center plans to increase companies’ accessibility, convenience and satisfaction by operating a new system that quickly and systematically supports all stages of the ICT regulatory sandbox quickly and systematically with the public and private sectors. Korea Startup Forum has formed a consortium with the law firm Bit and operated regular consultations through online channels and on-site briefing sessions, discovering new tasks, analyzing regulatory issues and specialized consulting, and providing consultations and applications such as support for handling problems and receiving tasks from ICT companies.
Choi Seong-jin, CEO of Korea Startup Forum, said, “Through the ICT regulatory sandbox one-stop center, we will actively support many companies with innovative technology to grow without being frustrated by outdated regulations. We will create an environment where startups and innovative ecosystems can be reborn as leaders of our economy.”