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South Korea’s financial authorities have proposed setting retail investors’ annual net purchase limit for over-the-counter tokenized securities platforms at 100 million won ($69,000) per exchange, Yonhap Infomax reported.
South Korea’s Financial Services Commission said on Oct. 1 it will accept public comments from Oct. 2 through Nov. 11 on proposed revisions to the enforcement decrees of the Electronic Securities Act and the Capital Markets Act, along with related rules. The proposal fleshes out delegated provisions under the revised laws, which are scheduled to take effect on Feb. 4 next year, and reflects policy directions presented on Sept. 4 by a public-private consultative body on tokenized securities.
Eligible securities for issuance as tokenized securities would include not only fractionalized investment products such as beneficial interests in non-monetary trusts and investment contract securities, but also conventional standardized securities such as stocks, bonds and funds. During the public comment period, the FSC plans to discuss industry suggestions in full, including raising the investment cap, lowering the minimum capital requirement for issuer account management institutions, and easing distributed ledger requirements.
Specifically, the proposals under discussion include:
– raising the annual net purchase limit for retail investors at each over-the-counter exchange above 100 million won
– lowering the minimum equity capital requirement for issuer account management institutions below 4 billion won ($2.8 million)
– easing distributed ledger requirements