On February 16, 2017, the Ministry of Science, ICT and Future Planning (the “MSIP”) announced a regulatory reform plan in the areas of artificial intelligence (“AI”), Virtual Reality (“VR”) and Fintech (the “Regulatory Reform Plan”). These industries are considered to be critical new growth power in the “intelligence information society” brought about by the so called Fourth Industrial Revolution.
In the above announcement, the MSIP stated that it would push ahead with the Regulatory Reform Plan in cooperation with the Ministry of Culture, Sports and Tourism (the “MCST”), the Financial Services Commission (the “FSC”), and other relevant government agencies, in order to promote and support the AI, VR and Fintech industries. The details of the Regulatory Reform Plan for each area are summarized below.
In particular, the current “Framework Act on National Informatization” will be amended to the “Framework Act on Intelligence Information Society” (tentatively named) in order to promote the intelligence technology and informatization of the government and the society as a whole.