Internet Deregulations: Government to Ease Up on Regulations on Financial Technology, Internet of Things | BusinessKorea

Monday, July 25, 2016

12 December 2014 - 12:07pm
Jack H. Park

The government announced that it would relax its regulations on new industries such as financial technology (fintech) and the Internet of Things (IoT), while maintaining those for Internet user protection and the prevention of the abuse of market dominance.

At a policy discussion meeting held on Dec. 11, vice minister of Science, ICT and Future Planning Yoon Jong-rok said that Internet business regulations should be minimized for the industry to build a dynamic ecosystem for further growth.

“We are planning to reduce the regulations on e-commerce, Internet finance, and the IoT in this context,” he remarked.

“Still, it is undeniable that some necessary and appropriate regulations have to be maintained in the industry,” Internet Policy Division Director Song Jae-sung added, continuing, “We believe that at least some restrictions are required in order to protect Web users, prevent the abuse of market dominance, and protect Internet networks, and we will determine what to maintain and what not to based on social consensus.”

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