韩国金融委员会公布证券型代币（STO）政策方向：将代币化范围从艺术品/音乐版权等碎片化投资扩展到股票、债券、基金，分阶段推进，首阶段随《电子证券法》修正案于2027年2月生效

The South Korean government plans to expand the security token offering (STO) market beyond fractional investments in assets such as artwork and music rights to conventional financial products including stocks, bonds and funds. With the security token framework set to take effect in February 2027, the government will gradually build infrastructure allowing existing capital-market products to be issued and traded using blockchain technology.
The Financial Services Commission (FSC) held the third meeting of a public-private security token consultative group at the Korea Securities Depository's Seoul office on Sept. 4 and unveiled its policy direction for security tokens. The FSC has been discussing innovation, investor protection and the future of securities settlement systems since March.
A key part of the policy is to expand security tokens from new and non-standard securities, such as fractional investment products, to conventional securities. The FSC plans to establish infrastructure in stages to enable the tokenization of existing securities including stocks, bonds and funds.
The first phase will begin when amendments to the Electronic Securities Act take effect in February 2027. The FSC plans to tokenize money market funds (MMFs) that invest in privately placed short-term financial products exclusively for institutional investors, as well as privately placed bonds. For equities, the government plans to use a trust structure to tokenize shares of unlisted companies. Tokenization of publicly offered fractional investment securities with relatively simple rights structures will also be permitted from the first phase.
The scope will subsequently be expanded to publicly offered securities and other products after assessing market stability and technological readiness. In the final phase, the government plans to establish on-chain settlement infrastructure that links digital assets such as stablecoins as a means of payment, allowing not only securities issuance and trading but also settlement to be handled on blockchain networks. The timing of the second and third phases may vary depending on the results of the first phase, technological developments and legislation related to stablecoins.
The government will also test exchange trading of security tokens, centered on the Korea Exchange (KRX). The FSC is considering ways to introduce security tokens into South Korea's exchange market, taking into account tokenization pilot programs by the New York Stock Exchange (NYSE) and Nasdaq.
The policy marks a shift in the direction of South Korea's security token market from a focus on fractional investment products toward the broader traditional capital market. The role of existing financial infrastructure providers, including securities firms, KRX and the Korea Securities Depository, is also expected to become more important. Bringing security tokens into the regulated financial system could digitally reshape the entire process of securities issuance, management, trading and settlement.