This study analyzed the actual operation of the regulatory sandbox from the perspective of regulatory reform and derived implications. A review was conducted for the regulatory sandbox approval tasks in the field of industrial convergence from 2019 to 2021. According to the analysis, designation of special cases for demonstration accounted for 75.3% of the total, and multi-ministerial tasks accounted for 22.7%. Most of the approval tasks (96%) included additional conditions, and 162 of the additional conditions were economic regulations, and by detailed type, 35.8% business scope limitation, 11.1% manpower conditions, 8.6% facility conditions, 6.8% user limitation, and 6.8% regional limitation. As a result of the analysis of the regulatory improvement tasks, 34 of the 198 regulatory sandbox approval tasks were completed. Based on the analysis results, it was confirmed that various innovations in the industrial convergence sector were being attempted through the regulatory sandbox, and cooperation between companies and the government through the regulatory sandbox continued. Nevertheless, active cooperation among regulatory ministries with many multi-ministerial tasks is required. It is required to closely verify the validity and necessity of economic regulations when they are included. In addition, efforts to analyze and collect data after applying the regulatory sandbox should be concentrated.