FSC delays decision on security token OTC exchange licenses

South Korea’s Financial Services Commission (FSC) has once again postponed its final decision on licensing operators for over-the-counter (OTC) exchanges for security tokens, the Korea Economic Daily reported. According to financial authorities, the commission did not deliberate on the preliminary approval applications during its regular meeting on Jan. 28. The delay comes after the FSC had completed its review process and was preparing to make a final selection. The FSC's Securities and Futures Commission had previously shortlisted two consortia for preliminary approval: one led by the Korea Exchange (KRX) and another by Nextrade (NXT). However, the process has drawn criticism over fairness after a consortium led by Lucentblock was excluded from the list of candidates.