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FollowingSouth Korea releases a phased roadmap for securities tokenization, which is expected to be launched in 2027.
On September 4, the Korea Financial Commission (FSC) announced a phased roadmap aimed at converting stocks, bonds and investment funds into blockchain-based tokens. According to the plan, once the amendment to the Electronic Registration Law takes effect, the first phase of work will be launched as early as February 2027. The plan aims to connect the country's securities market with a stablecoin payment system, which regulators hope will be completed by the time the final phase of the plan is completed.
Three-step timeline
At the third public-private advisory meeting on securities tokenization, the Finance Committee announced this roadmap, dividing the transformation process into three phases:
Phase 1 will begin in February 2027 and will cover private money market funds and bonds for institutional investors, unlisted stocks held through trust structures, and publicly issued share-based investment securities.
Phase 2 expands the scope to all types of publicly available securities.
The third phase is more ambitious, with the goal of establishing an on-chain payment system linked to stablecoins. However, the Financial Committee said that the speed of progress in the second and third phases will depend on the implementation of the first phase, the speed of market adaptation and the final direction of pending stablecoin legislation.
In addition, the committee also issued a model standard for quota-based investment, stipulating that the upper limit of individual subscriptions is 30 million won (approximately US$22,200) or 5% of the total issuance, whichever is lower, and requires issuers to retain a minimum retail allocation.
There is no need for a separate license to trade tokenized securities over the counter, but companies must consult the Financial Supervisory Service (FSS) in advance. For retail investors, net purchases per exchange are capped at 100 million won (approximately US$74,000) per year.
Entities that manage tokenized securities accounts must have a capital of at least 4 billion won (approximately US$2.9 million) and personnel dedicated to account management, internal control and IT security. At the same time, the Korea Securities Custody is improving the technical review process that securities companies must pass to access shared ledgers.
Revised rules under the Financial Services Industry Act (FSCMA) and the Electronic Registration Act are expected to be in place before the end of September.
Risks that other regulators have warned of
It has been reported that the International Monetary Fund (IMF) warned in an April report that tokenization eliminates banks 'reliance on settlement delays to manage liquidity, and those delays also provide a window for regulators to intervene before the crisis solidifies.
The IMF identified key risks, including liquidity pressures, weak regulation of smart contracts, and difficulties in enforcing cross-border assets. The report believes that public infrastructure such as Central Bank Digital Currency (CBDC) is a key factor in preventing the tokenized market from exacerbating instability.
South Korean authorities have also moved quickly to crack down on platforms they believe are circumventing regulations. In August, South Korea blocked domestic access to Polymarket amid concerns that the platform could constitute unlicensed gambling, joining countries that have restricted the platform since last year.
