South Korean provinces and major cities would be able to open ‘regulation-free’ special industrial zones from April.
The Ministry of SMEs and Startups announced Thursday that it would start a series of seminars in major cities across the country to provide consulting services.
During a series of meetings, the ministry will accept applications from each province and city to establish their ‘regulation-free’ zones specializing in different industries, including blockchain.
It would outline what tax benefits and incentives are available.
Each province and city can get an exemption from the existing regulations in running the special industrial zones.
The ministry opened its Help Desk and designated officers in charge of the special industrial zone projects.
Many provinces and cities expect the individual zones to develop region-by-region industries.
They pin high hopes on the ‘regulatory sandbox,’ which President Moon Jae-in proposed in his New Year’s press conference.
The government must take a proactive stance in helping companies develop new technologies under the regulatory sandbox proposal.
Companies could enjoy exemption of the existing rules if their new technologies are innovative and disruptive.
