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DigitalX, Mirae Asset’s digital-asset investment platform, said in a report on tokenized stocks that South Korea needs to update its regulatory framework to account for such trading, as cases of overseas trading in tokenized shares of South Korean companies including SK Hynix are already increasing.
According to Etoday, the report said the value of tokenized stocks circulating on blockchains stood at $3.58 billion as of Oct. 23, up 5.3 times from the start of the year. It added that while related rulemaking is under way in South Korea, tokenized stocks issued overseas remain outside the scope of regulation. The report also warned that unless infrastructure is put in place to issue tokenized stocks domestically, trading in tokenized versions of South Korean stocks could take hold first outside the reach of domestic rules.