[Asia Economy Reporter Moon Chaeseok] The Korea Institute for Advancement of Technology (KIAT) announced on the 15th that it received the Minister of Trade, Industry and Energy Commendation in the public institution reform category in recognition of its efforts to establish the 'Industrial Convergence Regulatory Sandbox' system.
The regulatory sandbox is a system that temporarily suspends or exempts regulations when launching new products or services to resolve regulatory difficulties related to new industries. It is broadly divided into demonstration exceptions, temporary permits, and rapid confirmations.
Following the enforcement of the Industrial Convergence Promotion Act on January 17 last year, KIAT was entrusted with operating the secretariat supporting the Ministry of Industry and Trade's operation of the industrial convergence regulatory sandbox.
Last year, KIAT held a total of six Regulatory Exception Deliberation Committees and supported the review of 39 agenda items (22 demonstration exceptions, 5 temporary permits, and 12 proactive administrative actions). It also achieved 93 rapid confirmation results.
Seok Young-cheol, President of KIAT, said, "I feel a heavy responsibility that our institute is playing a leading role in regulatory innovation, which has great public interest," adding, "This year, we plan to expand corporate briefings to encourage active use of the system."
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