Lee Soo-young (transliteration), director of the Capital Markets Department of the Financial Services Commission of South Korea, announced that amendments to the Electronic Securities Act and the Capital Markets Act will be submitted in the first half of this year, laying the foundation for the issuance and distribution of token securities (STO) in the first half of the year.
Li Xiuying expects that based on legislative discussions in the National Assembly, the tokenized securities (STO) system could be implemented as early as the end of 2024.
It is reported that the amendments to the Electronic Securities Law include the recognition of distributed ledger technology as one of the ways to digitize securities and the establishment of a new issuer account management agency. The amendments to the Capital Market Law include the establishment of over-the-counter brokerage business and the permission to issue atypical securities, such as investment contract securities and non-monetary trust beneficiary certificates. (Planet Daily)