South Korea is accelerating digital asset-centered financial innovation ahead of the upcoming June general election. Unlike the imprisoned former president, the newly launched government has set the promotion of cryptocurrencies and digital securities as a key national policy task. In particular, there is an assessment that the opportunity to enhance digital financial competitiveness was seized with the 'GENIUS Act' proposed in the United States in July.
Currently, both ruling and opposition parties are competitively introducing stablecoin-related bills and engaging in a legislative war, but the more notable movement is the promotion of the 'Token Securities Act'. This bill aims to amend the existing electronic securities law and capital market law to fully permit blockchain-based securities issuance and record management. Both parties have expressed support, and rapid legislation is expected.
These changes are already being reflected in the industry. Major domestic securities firms and financial institutions are privately developing and testing token-based infrastructure. While some startup-operated fractional investment platforms have relied on regulatory sandboxes to avoid existing regulatory gaps, significant industry-wide changes are expected once full institutionalization occurs soon.
Moreover, when the distributed ledger technology (DLT)-based record system is legally recognized, a new order is expected to be formed across the entire ownership, transfer, and trading methods of token securities. This bill is significant in that it represents a structural turning point of implanting blockchain into traditional financial systems rather than the cryptocurrency market.
Currently in South Korea, the boundaries between stablecoins and tokenized assets are blurring, and the government is aiming for a hybrid structure connecting existing financial markets and digital assets. Regarding this, an industry official predicted that "once the digital securities market is institutionalized, crypto assets that were previously informal and private equity-centered can establish themselves as formal financial products".
As regulations and technology evolve complexly, South Korea is preparing to emerge as a global leader in the tokenized securities sector. These movements are expected to have positive ripple effects across the blockchain industry, bringing new investment opportunities and market expansion.
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