The ‘Korean-type regulation sandbox' system was implemented starting in January of 2019. Many companies promote new businesses exploiting the Five Regulatory Reform Statutes and Three Key Regulation Reforms (rapid processing, provisional permit, and regulation exception for verification).
To receive designation as a regulatory waiver beneficiary, businesses with limited workforce and resources experience a heavy burden in collecting related data and information to analyze many legal issues, including those related to rapid processing, provisional permits, and selection of valid methods to qualify as exception to verification; brief but clear description of business models; accurate analysis of related regulations; necessity for designation of regulatory sandbox beneficiary; development of plans for verification and business plans; and protection of personal information and users or verification of safety. VEAT Law Firm has enjoyed a favored reputation among business operators who have experienced the preparation of their application documents by the provision of thorough consulting on the overall issues concerning the preparation of the application documents, ranging from the description of business models to analysis of related regulations.
- Counseling on the application for a regulatory sandbox
- Preparation of application documents for a regulatory sandbox
- Action to advance or preliminary review committee hearing on regulatory sandbox
- Action to review committee on regulatory sandbox