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BTC 
ETH South Korea Financial Commission releases securities tokenization policy roadmap
According to a regulatory announcement, the South Korea Financial Commission (FSC) launched a policy roadmap aimed at digitalizing securities issuance and circulation on September 4. The plan is divided into three phases: the first phase will start in February 2027, with tokenized money market funds for institutional investors; the final phase will realize on-chain payments linked to stablecoins.
Three-stage tokenization timetable
The Financial Commission announced this roadmap at the third Public-Private Consultation Meeting on the theme of securities tokenization and will instruct securities companies and the Korea Securities Depository Corporation (KSD) to build relevant supporting infrastructure. The amendment to the Electronic Stock and Bond Registration Law will take effect on February 4, 2027, legally recognizing security tokens as a digital form of securities, marking the official launch of the first phase.
The first phase covers private money market funds and bonds for institutional investors, unlisted stocks issued through trust structures, and publicly issued share investment securities. The second phase will expand tokenization to all publicly issued securities, while the final phase will focus on on-chain payment infrastructure linked to stablecoins. The Financial Committee stated that the specific implementation of subsequent phases will remain flexible, depending on the results of the first phase, market adoption and pending progress in stablecoin legislation.
Regulatory Framework for Share Investment
The roadmap also sets model standards for share investments, which can be in the form of non-monetary trust beneficiary certificates or investment contract securities. For trust certificates, the Financial Commission sets a maximum subscription limit of 30 million won or 5% of the total issuance (whichever is the lower), and recommends that a certain proportion of the public offering be reserved for retail investors to participate. In addition, annual net purchases by retail investors on each over-the-counter (OTC) exchange will be limited to 100 million won.
OTC Trading Access and Issuer Account Management
The Financial Commission stated that it will not establish a separate licensing system, and financial institutions that have been authorized for financial investment business can process tokenized securities within its licensing scope, provided they need to consult the Financial Supervisory Authority on OTC intermediation matters in advance. The committee plans to add additional over-the-counter trading licensing units for debt securities and require issuer account managers to hold at least 4 billion won in capital. The move is similar to the tokenized securities infrastructure established by ICE and tZERO, subsidiaries of the New York Stock Exchange, and also echoes India's plan to use the digital rupee to settle tokenized corporate bonds.
