President Moon Jae-in chaired the sixth cabinet meeting of the year.
The main talking point was the regulatory sandbox, implemented in the nation for the very first time.
He highlighted the significance of the project and his expectations for it.
"The 'Regulatory Sandbox' initiative is the laboratory of an innovative economy. As long as new tech and services don't pose any danger to the lives, safety, and health of the people, it's key to create more opportunities for businesses to try new things under the principle of approval-first, regulation-after."
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The meeting comes a day after the trade ministry announced its approval of regulatory exemption applications from four companies.
The South Korean leader stressed government needs to be a strong supporter of local companies trying to innovate by leveraging what he calls the world's most advanced regulatory sandbox.
Moon also urged the cabinet to promote the system so more companies can take advantage of the opportunity, and the public better informed of its benefits.