[News] 2021 Regulatory Innovation Forum, Changes in Everyday Life Brought by Regulatory Sandbox 2 Years

“2021 Regulatory Innovation Forum: Achievements of Two Years of Regulatory Sandbox” Kim Dalwon, Director-General of the National Administrative Affairs Office, announced the results over the past two years, including 404 experimental cases and temporary approvals, which have become various experimental laboratories for new technologies and a breakthrough solution for resolving conflicts.

At this event, Veat partner attorney Songdo-yeong attended as a panelist and discussed the need for establishing efficient post-management systems and the necessity of subsequent legal revisions to spread the results of the regulatory sandbox tasks.

Those who are curious about the opinions of partner attorney Songdo-yeong at the 2021 Regulatory Innovation Forum can check them through the YouTube channel: .

Veat Law Firm’s regulatory sandbox team began with the ICT · Convergence Regulatory Improvement Consulting Project starting in 2018, providing legal consulting support for smart city experimental services, and conducting research projects for future smart grids. They hold the domestic record with the most tracks. Notably, in 2019, they performed 161 legal consultations related to regulatory sandboxes, and during the past quarter, they reviewed 100% of all expedited task projects, demonstrating outstanding achievements in the regulatory sandbox field. Partner attorney Songdo-yeong was recognized for his contributions to the establishment and expansion of the regulatory sandbox system through over 200 regulatory sandbox agenda reviews and legal consultations, and was awarded the Minister of National Defense Commendation at the ‘2020 Science & Information & Communications Day’ government award.

Partner attorney Baek Seung-cheol emphasized the need for regulatory sandbox consulting and advice, saying, “Many business owners encounter difficulties from the application stage due to a lack of understanding of the system while they are interested in applying for a regulatory sandbox.”

Meanwhile, Veat Law Firm has been working to promote innovation and regulatory innovation by providing legal advice for the development of virtual & merged industries such as VR (Virtual Reality) and AR (Augmented Reality) based on the proactive regulatory innovation roadmap announced by the Ministry of Science and ICT and establishing legal foundations to support the development of virtual & merged industries.

Partner attorney Cho Eun-byeol added, “Based on extensive consulting experience related to venture & startups and expertise in regulatory sandboxes, we will do our best to help countless startups and venture companies overcome challenges and achieve breakthroughs in 2021.”

If you have any questions regarding regulatory sandboxes, please contact Veat Law Firm.

Thank you.