South Korea's FSI to develop smart contract verification tool

South Korea's Financial Security Institute (FSI) is set to develop a verification tool for smart contracts and establish a corresponding validation system, ZDNet Korea reported. The initiative is a response to the country's push to create a legal framework for security tokens (STO) and advance Phase 2 of its virtual asset legislation. On May 11, the FSI, a non-profit corporation led by President Park Sang-won, announced it has selected three major initiatives for smart contracts, which are central to digital asset services like security tokens and stablecoins: - Developing a smart contract verification tool - Cultivating specialized talent in digital assets - Establishing a smart contract verification system