South Korean FSC chair says token securities will be a pillar of capital markets

Token securities are not a temporary trend but are poised to become a pillar supporting the structural convergence of the capital market, said Lee Eog-weon, chairman of South Korea's Financial Services Commission (FSC), on March 4. He added that the government will overhaul the entire system, including issuance, distribution, and disclosure, to foster the emergence of diverse and innovative token securities. The Herald Business reported that Lee made the remarks at the kick-off meeting for a joint public-private "Token Securities Council," which will design the system's detailed framework and infrastructure. A law to establish a regulatory framework for token securities, which passed the National Assembly in January, is scheduled to take effect on Feb. 4 of next year following the finalization of subordinate regulations and the construction of necessary infrastructure.