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South Korea’s Financial Services Commission is pursuing a three-stage plan to establish a legal framework for tokenized securities, with the final phase pointing to on-chain payments linked to stablecoins and interoperability across ledgers. Against that backdrop, the blockchain industry has asked the National Assembly to revise the current framework, arguing it could instead limit that scalability, Edaily reported.
The industry called for a review of rules barring transfers of tokenized securities between different distributed ledgers, restrictions on the use of public blockchains, and entry requirements for non-financial companies. It also proposed adding a sunset clause to reassess initial regulations after one to two years and creating an interoperability sandbox. In a written opinion, the Korea Blockchain Industry Promotion Association (KBIPA) stressed the current structure, which requires a single security to be managed on only one distributed ledger to prevent duplicate issuance, could constrain the future adoption of interoperability technology linking different ledgers.