deregulation Archives | Be Korea-savvy
Delivery Services of Alcoholic Drinks, OEM Production to be Available in S. Korea

Delivery Services of Alcoholic Drinks, OEM Production to be Available in S. Korea

SEJONG, May 19 (Korea Bizwire) — South Korea’s finance ministry said Tuesday it will ease regulations on alcoholic drinks, in a bid for local producers to increase their competitiveness against foreign firms. Under the deregulatory move, which is subject to approval from the National Assembly, local firms will be allowed to produce alcoholic drinks under [...]

Arrival Duty-free Shops to Begin Selling Cigarettes from March

Arrival Duty-free Shops to Begin Selling Cigarettes from March

SEJONG, Dec. 26 (Korea Bizwire) — South Korea’s finance ministry said Thursday it will allow arrival duty-free shops to sell cigarettes from March, in a move to promote businesses of arrival shops. The nation’s first on-arrival duty-free shops opened at Incheon International Airport, the country’s main gateway, in May, but the shops had been banned [...]

Gov’t to Ease Rule on Recharging Credit at Mobile Payment Platforms

Gov’t to Ease Rule on Recharging Credit at Mobile Payment Platforms

SEOUL, Feb. 7 (Korea Bizwire) — The government plans to ease a rule on recharging credit at mobile payment platforms as it seeks to promote the financial technology sector, an official said Thursday. Currently, people in South Korea can recharge up to 2 million won (US$1,782) at a mobile payment platform, such as Kakao Pay [...]

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

SEOUL, Jan. 8 (Korea Bizwire) – The Cabinet on Tuesday endorsed a bill that eases ownership rules for Internet-only banks as the government plans to grant approval to more web-only banks this year, the financial regulator said. The bill allows information technology firms, such as Internet portal Naver or gaming firm Nexon, to hold more [...]

Government Relaxes Regulations for Golf Simulation Facilities

Government Relaxes Regulations for Golf Simulation Facilities

SEOUL, Nov. 2 (Korea Bizwire) — The government has decided to loosen regulations regarding businesses that offer sports simulation services to consumers. The government will also encourage investment in the public sector by factoring in investment efforts by public entities in the realm of social overhead capital (SOC). The government held a minister-level meeting presided [...]

S. Korea Seeks to Loosen Regulations to Rev Up Capital Market

S. Korea Seeks to Loosen Regulations to Rev Up Capital Market

SEOUL, Nov. 1 (Korea Bizwire) — The government and the ruling Democratic Party (DP) on Thursday unveiled measures to revitalize the capital market, including helping startups raise funds more easily and easing regulations on private equity funds (PEFs). Government and DP officials held a meeting to discuss ways to rev up the capital market as [...]

Seoul to Ease Regulations on Overseas Remittance, Allow Arrival Duty-free Shops

Seoul to Ease Regulations on Overseas Remittance, Allow Arrival Duty-free Shops

SEJONG/SEOUL, Sept. 27 (Korea Bizwire) — South Korea plans to soften regulations on overseas remittance and allow mega-sized investment banking (IB) firms to issue foreign currency-denominated promissory notes, as part of its effort to push for deregulations, the country’s finance ministry said Thursday. The government also plans to allow duty-free shops at arrival terminals in [...]