• Journal of Information Technology Services
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• v.22 no.5
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• pp.109-124
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• 2023

This study aims to apply the concept of regulatory stringency to the regulatory sandbox with a fresh perspective. The regulatory sandbox is a system that gives opportunities under certain conditions to new technologies or businesses that have not been launched due to inadequacy or insufficiency in legal systems. Previous research on regulatory sandboxes has mainly focused on discussions about their impact on specific technologies or business domains. This study attention to the results according to the evaluations. Among them, whether special cases for demonstration can evolve into official permission has garnered significant attention. For this study, among the cases that passed the regulatory sandbox evaluation from February, 2019, to December, 2022, 162 cases in the field of ICT convergence were selected. The evaluation results were classified into three groups 'positive interpretation (Fast Track)', 'temporary permission', and 'special case for demonstration.' Each case was assigned to one of the three groups. Through the comparative analysis, the common characteristics and differences were summarized. Then, this study explored improvement measures to pass a less restrictive regulatory sandbox. The analysis of the cases revealed that the differences in each evaluation result were attributed to variations in the technological characteristics and user protection features. Considering these differences, as well as the higher weight and importance of the preparation stage for sandbox application, this study suggested a three-step approach to prepare for temporary permission and positive interpretation rather than special case for demonstration. In addition, this thesis discussed the policy limitations of the regulatory sandbox mechanism in South Korea and the limitations of the current study. Hopefully, the results of this study would be beneficial to individuals and companies, particularly venture companies and startups seeking to develop new technologies or businesses and utilize regulatory sandboxes.

• Journal of Legislation Research
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• no.53
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• pp.213-267
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• 2017

Regulatory barrier is considered most challenging out of all FinTech barriers, which many technology innovators have always experienced. Even though technological solutions promise customers accessibility to more cost-effective and secured financial services, it is quite challenging to create regulatory environment that enables innovation FinTech industry. Especially, a common challenge FinTech innovators and business face is regulatory uncertainty and confusion rather than any particular regulation. Since many FinTech models are continuously introducing new innovative ways in providing financial services, significant confusion could be raised in applying principles of existing law and regulations. In addition, it is uncertain whether or not applying complex regulatory compliance model intended for large financial institutions to small start-ups is appropriate since most existing regulations and rules are established and introduced without considering innovative tools such as mobile instruments, e-trade, and internet. Therefore, new mechanism to access to regulatory information in a more cost-effective, quick and immediate way should be created. Regulators, technological innovators, and financial customers should cooperate each other to find out appropriate solutions for those issues. Many regulators are introducing regulatory sandbox which provides service providers with opportunities to test their innovations, during the test, providing regulators with enough time to understand risks of innovations. However, regulatory sandbox is not a panacea for all challenges to FinTech innovations. Therefore, regulators should make comprehensive and multidimensional efforts including regulatory sandbox in supporting FinTech ecosystem.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.73-78
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• 2019

Recently, there is a need to introduce a Korean-style restriction sandbox system that exempts or suspends existing regulations so that new products or services based on new technologies can be commercialized without restrictions. In response, the government reorganized the relevant statutes to promptly check regulations centering on four fields, including industrial convergence, ICT, FinTech, and regional innovation growth, and to allow experimental, proof and market releases by setting certain conditions(zone, period, scale, etc.). However, despite the same regulatory sandbox application, depending on the nature of the field applied, differences in application subject, whether application of regulatory specifics, system of push ahead decision-making and whether support of financial and taxation are shown. This research is intended to present efficient operation measures for successful settling of Korean-style regulation sandboxes by comparing and analyzing, centering on the Industrial Fusion Promotion Act in the Industrial Convergence Field, ICT field's Information and Communication Convergence Act, FinTech field's Financial Innovation Act and Regional Special Zone Act in the Regional Innovation and Growth Sector.

• The Journal of the Korea Contents Association
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• v.16 no.8
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• pp.10-19
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• 2016

In this paper, I evaluate national and regional policies for financial centers and Busan Fiancial Center and find the way of the future development of Busan Financial Center. And I found that national policies for financial centers was focused on general improvements of financial industry, so a little tasks for Busan Financial Centers were listed. Therefore I suggest that central government should have more national policies for enhancing Busan Financial Center and promoting participation of private financial firms. And I propose the broader incentive schemes for financial firms moving to Busan, and expect that combining national deregulation policies like Regulation-Free Zone and Regulatory Sandbox and Moonhyun-North Port financial free zone and FinTech cluster plans of Busan will make a big progress of Busan Financial Center.

• Journal of the Korean Institute of Gas
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• v.25 no.6
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• pp.106-110
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• 2021

The emergence of new hydrogen-related technologies and new businesses has expanded the need to reorganize systems in related fields such as manufacturing liquefied hydrogen (charging), and manufacturing liquefied hydrogen storage tanks and containers, and special applications continue to increase. Accordingly, we intend to establish and implement measures to strengthen safety management to share the status of designation of special hydrogen-related regulatory projects and secure minimum safety.

• Journal of Digital Convergence
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• v.17 no.2
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• pp.31-36
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• 2019

New technologies are being created and resulted as new types of fusion complex as the barrier between technology and industries are being broken and convergence is becoming more activated in the global economy of the era of fourth industrial revolution. Korea government is trying to foster innovative technologies for new technologies and new services to prepare for the fourth industrial revolution and gain global competitiveness, but many regulations make it difficult to verify and commercialize them. In response, the Korea government is pushing for the introduction of a regulation-free special zone system in which sandboxes are applied so that new technology and new service-based innovation projects can be freely commercialized through experiment and demonstration. This study aims to examine the limitations of the special zones for regional specialization development applied to the zones that are applied uniformly throughout the country and suggest ways for the deregulation special zone to be fostered as an empirical test bed based on new technologies and as a base for regional innovation.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.22 no.2
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• pp.314-322
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• 2018

Japan has established a strategic and concrete plan to respond in advance to the forthcoming Industrial Revolution era. The Fourth Industrial Revolution Strategy in Japan is divided into two types of strategies of utilizing strength and complementing weaknesses. The former belongs to 'real data utilization' and 'new robot development', and the latter belongs to 'global issues Solution'. In particular, the Japanese government is more aggressive than any other country in introducing the Japanese version of the Regulatory Sandbox system as a social verification system for the realization of the Society 5.0, which is regarded as the cornerstone of the Fourth Industrial Revolution. This study examines the key strategies presented in the main documents relating to the Fourth Industrial Revolution, and based on this consideration, we propose a suggestion worthy of reference when Korea develops the response strategy of the Fourth Industrial Revolution.