Korea will introduce a regulatory sandbox to spur new technologies and industries from Jan.17. Blockchain developers would also be beneficiaries.
President Moon Jae-in unveiled the plan during a New Year press conference at the presidential mansion Wednesday.
The new concept is to help companies get an exemption from the existing regulations so that they can commercialize innovative and creative products and services.
Under this policy, the government must, within 30 days, reply to inquiries on whether regulations exist on new technology and industry.
When the government does not answer, inquiring companies can conclude that no rules exist on the latest technology and services they develop.
Besides, when the existing rules are unclear, companies could get a waiver on the regulations under the pre-set conditions.
The government could also allow firms to market their new products and services when the existing rules are deemed unclear and out of date.
The National Assembly passed four industrial bills last March to spur development of information and telecommunication, upgrade industrial integration, financial innovation and regional development
Under the regulatory sandbox policy, the Jeju Province and other cities might campaign for inviting blockchain developers in their regions.
The government agencies would hold meetings to review applications from companies seeking to get the regulation waiver.