Many governments are seeking the most effective measures to address social and economic challenges and minimize the negative impact of human activity has on the environment and health. The effectiveness of the measures often depends on their combination and balance. These include product regulation, licensing, prevention, taxation, preferences as well as non-restrictive and non-prohibitive measures. Solutions should be effective at reducing consumer risks and environmental impact and, at the same time, they should stimulate the development of manufacturing and production without killing off certain traditional industries but, rather, creating competitive economic and regulatory conditions and incentives for the radical improvement and enhancement of production technologies and product quality. Can a systemic approach to regulation become a source of economic growth? How should the differentiated risk-based approach model be applied as a basis for smart regulation? What are the methods for assessing non-economic risks and benefits from switching to risk-based regulation? Which approach is more effective in the context of achieving national development goals: restrictive or risk-oriented? Will smart regulation stimulate the creation of new markets?