1分6合

President Yoon Suk-yeol, fifth from right, speaks during his meeting with representatives from startups at Signature Tower in Seoul in this December 2021 file photo. Joint Press Corps.

By Park Jae-hyuk

Domestic startups look like they will be freed from tough regulations imposed by the previous administration, as the newly inaugurated Yoon Suk-yeol administration has indicated its intention for them to have more autonomy, according to industry officials, Tuesday.

Since Yoon started running for the presidency last year, he has been claiming that regulations on startups should be minimized so that they can be more innovative.

Although the Moon Jae-in administration had also promised to ease regulations on them, its policies in favor of small business owners fell short of the expectations of local startups, most of which operate online platforms.

"Online platforms should play the leading role for the development of our society," Yoon said during his election campaign. "Regulations could obstruct the development of our society."