Korea Exchange will in the future have a distinctive market of security tokens. At the denouement of this year, South Korea will declare instructions for security assets. In advance of the formal institutionalization, the release of both the regulatory sandbox and the pilot market will be released at the same time.
South Korea-based Watchdogs to Organize Directions to Govern Security Tokens
A report was published on the behalf of the prominent financial regulatory agency of South Korea, the Financial Service Commission (FSC). The respective report presented the findings of the mutual policy seminar that was organized by the FSC in collaboration with the Korea Securities Depository and Capital Market Research Institute, Korea Exchange, and Financial Supervisory Service on 6th September.
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To ponder over the additional national agenda for the distribution as well as the release of the security tokens, the stakeholders participated in a conference. Any distinctive description of standardized securities released through Blockchain has not been included in the present system of electronic securities and capital markets. Thus, the FSC considers it inevitable to design distinctive instructions to assist the growth of industry and market.
In the Q4 of 2022, FSC is going to formulate and specify the instructions for the respective security tokens. Later on, it will move towards building the Security Token Discipline System, via reforms of the current system of legislation like the Capital Market Act as well as the Electronic Securities Act. Korea Exchange will run the market of digital securities. Nonetheless, the tokens will be evaluated by the Korea Securities Depository in advance of their listing and registration.
South Korean Policymakers Suggest the Metaverse Industry Promotion Act’s Enactment
Limited over-the-counter trading will be offered by the regulatory body during the initial phases. The declaration steps ahead toward additional regulatory endeavors in Korea. The recently established government of the country has taken the initiative to push forward the crypto market. The native policymakers suggested the implementation of the Metaverse Industry Promotion Act. It would promote the development of the South Korean Metaverse sector.
The press reported in May that an enthusiastic strategy will be structured to organize the wide agenda for cryptocurrency by 2024. To enhance the protection of the investors, the distribution of the respective tokens will be done just like the present securities. Prominent securities firms based in South Korea such as Shinhan, KB, and NH, are hopeful to construct the exchanges of digital assets in the 1st half of the coming year.
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