A new administrative law that will dramatically deregulate various industrial activities is poised to take effect in South Korea this week.
The Office for Government Policy Coordination said on Monday that a revision to the Basic Act on Regulatory Administrations will be in place from Wednesday.
Under the new law, experimental services in new industries, such as fintech and smart citites, will be permitted first then regulated later if restrictions are deemed necessary.
The office said this combined with recent revisions of four other laws, has laid the legal groundwork for a comprehensive negative regulatory system, in which all business activities will be allowed in principle, barring certain exceptions.
The office said the the new law will also enable an expansion to the regulatory sandbox system.