From the perspectives of regulation and convergence, several debates on the industrial definition of smart TV service in the Korean broadcasting and communications market are currently in progress. The most heated controversy mainly depends on whether smart TV is controlled under broadcasting regulations or under communications regulations. This Korean- specific problem is summarized in regulation fairness or asymmetric regulations between smart TV and IPTV operators. Although both operators utilize very similar technology and share the same business model, the regulations for only smart TV operators are unfettered. This would be an intrinsic cause that prohibits fair competition in the new converging market. Currently we confront the matter of asymmetric regulations between smart TV and others including IPTV or ISP. The purpose of this study, thus, is to provide the strategic, regulatory guidance and theoretical definitions on smart TV service, as one of converging services, based on a qualitative approach through subjectivity methodology. The study identifies three issues net neutrality, regulation fairness and new media and new market and proposes desirable promotion plans regarding those issues. The study draws lessons learned through a Korean smart TV case and provides directions to strategic-policy studies for future emergent converging services.