KCCI to Establish Private Channel for 'Regulatory Sandbox'... Applications Accepted from February

Korea Chamber of Commerce and Industry

[Asia Economy Reporter Kim Hyewon] In the future, regulatory sandbox applications will be accepted and processed not only by the government but also through private channels. The designated channel will be the Korea Chamber of Commerce and Industry (KCCI).

According to the business community on the 21st, the government will establish a regulatory sandbox channel at the KCCI by next month, following a proposal from Park Yongman, chairman of the KCCI.

Chairman Park requested at a meeting between President Moon and economic organization leaders in October last year, "I hope the gateway for the regulatory sandbox will be expanded," and added, "It would be good to discuss expanding the gateway by adding private channels as well as government agencies for some regulatory sandbox applications."

The regulatory sandbox refers to a system that exempts or postpones existing regulations for a certain period when new products or services are launched.

Earlier, President Moon Jae-in disclosed related details during a regular meeting with Prime Minister Chung Sye-kyun and urged, "Please make efforts so that this channel helps increase effectiveness and speed in resolving difficulties faced by the public and businesses."

Creating a private channel for the regulatory sandbox aims to overcome limitations arising from government-led processes. Opinions received through the KCCI private channel will be recognized as if directly received by the government and will proceed through the processing procedures promptly.

A KCCI official stated, "We will actively support more innovative products and services to overcome regulatory hurdles through the sandbox," and added, "We hope for the government's active support so that this new attempt to open a private channel for the sandbox can be well established."