Korea Blockchain Industry Association Submits Opinions on Tokenized Securities Amendment

The Korea Blockchain Industry Association has submitted a letter of opinion to the Financial Services Commission of Korea regarding the amendment of the tokenized securities decree, proposing nine major amendments and ten technical corrections, along with six recommendations for future legislative reference. The suggestions include expanding the scope of participants in distributed ledger technology, allowing qualified third-party technology companies to operate verification, consensus, and query nodes, while retaining the authority to record securities information and the responsibility for ledger management within the existing participating institutions. The association also recommends allowing the Bank of Korea and other settlement asset issuance and clearing institutions to participate in node operations within necessary limits, in order to reserve space for future synchronous settlement of securities and funds. Furthermore, it is necessary to clarify the procedures for changing the operational standards of distributed ledgers. If the existing ledger no longer meets regulatory requirements, tokenized securities should be allowed to migrate to other compliant ledgers instead of being directly converted into ordinary electronic securities.

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