As reported by Business Korea, the Korean government recently announced that it plans to relax regulations on new innovation-driven industries, including as financial technology (fintech) and the Internet of Things (IoT).
This is a positive regulatory signal for local startups in these industries that have struggled against regulation. It also bodes well for the new startup accelerator in Seongdo, that will run its first hardware / IoT / Smart home program in 2015.
At a policy discussion meeting, The Vice Minister of Science, ICT and Future Planning, Yoon JongRok said that Internet business regulations should be minimized for the industry to build a dynamic ecosystem for further growth. “We plan to reduce the regulations on e-commerce, Internet finance, and IoT in this context,” he remarked.
We will keep you appraised of future developments in this space.
Edited from original article on Business Korea