The Ministry of Trade, Industry and Energy said Monday it held its first review of new business models that are subject to a regulatory sandbox, or the mechanism aimed at keeping up with the fast pace of innovation by offering regulatory waivers for product and service testing during a set time period.
One of the four cases that were reviewed and given the green light was submitted by Korea's biggest automaker Hyundai Motor.
The company aimed at the installation of hydrogen charging stations, which was previously limited due to municipal regulations.
Among the five locations requested by Hyundai for the installation of charging stations, four that have been granted approval are located in downtown Seoul including one in the National Assembly, and they were approved for the benefit of the public.
"Up until now regulations have limited the building of gas facilities near industrial and residential areas. There's the requirement of designating a charging site that's more than 3-thousand square-meters in the city building process, as well as the limitation in the use of charging stations in public properties that are not related to public services."
Other cases involved the genomic profiling of individuals in order to prevent degenerative diseases like Parkinson's diease as well as the installment of LCD and LED panels on the exterior of buses for advertisements.
The latter involves the use of outlets in charging electric vehicles in which consumers would pay for the amount of electricity used to charge their EVs based on a smartphone app.
The regulatory measures that were given the green light at Monday's meeting are limited to the specific companies that have applied for them for a period of two years.
In the meantime, the ministry says it'll work on amending the country's regulations so that more companies can benefit from such deregulatory measures.
The ministry says the next such meeting to review business cases for the implementation of the regulatory sandbox will be held later this month.
Kim Ji-yeon, Arirang News.