Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments

The government plans to build infrastructure to tokenize traditional securities in Seoul ahead of the system’s scheduled launch in February. The Financial Services Commission and the Financial Supervisory Service said the goal is to expand security token offerings beyond fractional investment products and lay groundwork for stablecoin payment infrastructure. The rollout will come in three phases, starting with privately placed money market funds, corporate bonds, unlisted stocks and publicly offered fractional investment securities.

The first phase is set to begin alongside the law’s implementation in February.

The second phase will expand the infrastructure to publicly offered securities.

The third phase will connect stablecoins and other digital assets as payment methods for on-chain settlement.

The authorities proposed a per-investor subscription cap of 30 million won or 5 percent of the total issue amount, whichever is lower.

Retail investors will face an annual net purchase limit of 100 million won per exchange.

Published Sep 4, 2026 10:06 am KST

Updated Sep 4, 2026 3:10 pm KST

Financial regulator maps out 3-step plan ahead of STO rollout next February

Kwon Dae-young, left, vice chairman of the Financial Services Commission, speaks during a third-round meeting on security token offering system at the Korea Securities Depository headquarters in Seoul, Friday. Courtesy of Financial Services Commission

The government plans to build infrastructure to tokenize traditional securities such as stocks, bonds and funds, expanding security token offerings (STOs) beyond fractional investment products ahead of the system's scheduled launch in February.

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) unveiled the policy direction on Friday, with the ultimate goal of laying the groundwork for stablecoin payment infrastructure.

Tokenized securities are digital representations of securities issued and traded through blockchain-based distributed ledger technology. The term is frequently confused with fractional investing, but it actually describes the method used to issue a security, rather than a distinct category of investment.

The technology can thus be applied far beyond fractional investment products, allowing conventional securities such as stocks, bonds and funds to be issued and traded in tokenized form using distributed ledger systems.

The FSC, the country's top financial regulator, has been developing the regulatory framework for token securities since amendments to the Capital Markets Act and the Electronic Securities Act cleared the National Assembly in January. At its latest meeting, it presented the first detailed policy road map, complete with specific figures and a phased implementation schedule.

FSC Vice Chairman Kwon Dae-young said the government would take a strategic approach to building a new digital capital market.

"We will ensure that security tokens go beyond fractional investments," Kwon said. "We will build the foundation for issuing and trading existing financial products, such as stocks, bonds and funds, in tokenized form."

He said the government also aims to connect different parts of the capital market, from issuing and trading securities to clearing and settlement and exercising investor rights into a single digital capital market.

Under the plan, the country's tokenization initiative will be rolled out in three phases, with the first phase set to begin alongside the implementation of the law in February. It will cover privately placed money market funds and corporate bonds for institutional investors, as well as unlisted stocks and publicly offered fractional investment securities.

The second phase will expand the infrastructure to publicly offered securities, while the third phase will connect stablecoins and other digital assets as payment methods to enable on-chain settlement.

Authorities noted that the timing of the second and third phases will remain flexible, depending on the stability and efficiency of the first phase and the enactment of legislation on stablecoins.

The regulators also introduced new guidelines for fractional investment products.

Under the guidelines, multiple underlying assets can be pooled into a single fractional investment security as long as they meet certain conditions. The assets must be of the same type and carry the same rights, the purpose for pooling must be clearly defined and distressed assets must be excluded.

To strengthen investor safeguards, the authorities will set per-investor subscription caps and establish allocation rules designed to ensure that the offered securities are distributed more evenly among investors. As a standard example, the regulators proposed a limit equal to 30 million won ($22,000) or 5 percent of the total issue amount, whichever is lower.

Meanwhile, the framework will allow existing securities firms and over-the-counter trading platforms licensed to broker or trade securities to handle tokenized securities under their existing licenses. However, platforms seeking to facilitate tokenized securities trading will be required to consult with the FSS in advance.

The authorities also plan to introduce a new license category for debt securities trading that allows retail investors to participate, expanding the current system which is limited to professional investors.

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韩国政府计划在首尔建设传统证券代币化的基础设施，为该系统于2月份的预定上线做准备。金融服务委员会和金融监督院表示，此举旨在将证券型代币发行范围扩大到除零碎投资产品之外的其他领域，并为稳定币支付基础设施的建设奠定基础。该系统将分三个阶段推出，首先是私募货币市场基金、公司债券、非上市股票和公开发行的零碎投资证券。

第一阶段将于2月份与该法律的实施同步开始。

第二阶段将把基础设施​​扩展到公开发行的证券领域。

第三阶段将把稳定币和其他数字资产作为链上结算的支付方式。

当局提议，每位投资者的认购上限为 3000 万韩元或发行总额的 5%，以较低者为准。

散户投资者每年在每个交易所的净购买限额为 1 亿韩元。

发布于2026年9月4日上午10:06（韩国标准时间）

更新于2026年9月4日下午3:10（韩国标准时间）

金融监管机构制定了证券型代币发行（STO）三步计划，为明年2月的STO推出做准备。

韩国金融服务委员会副委员长权大荣（左）周五在首尔韩国证券存管局总部举行的第三轮证券型代币发行制度会议上发表讲话。图片由韩国金融服务委员会提供。

政府计划建设基础设施，将股票、债券和基金等传统证券代币化，并在系统按计划于 2 月份推出之前，将证券型代币发行 (STO) 扩展到除零碎投资产品之外的其他领域。

金融服务委员会 (FSC) 和金融监管局 (FSS) 于周五公布了政策​​方向，其最终目标是为稳定币支付基础设施奠定基础。

代币化证券是指通过基于区块链的分布式账本技术发行和交易的证券的数字化表示。该术语经常与零碎投资混淆，但实际上它描述的是一种证券发行方式，而非一种独立的投资类别。

因此，这项技术的应用范围远远超出了部分投资产品，它允许使用分布式账本系统以代币化的形式发行和交易股票、债券和基金等传统证券。

该国最高金融监管机构金融服务委员会（FSC）自今年1月《资本市场法》和《电子证券法》修正案在国民议会获得通过以来，一直在制定代币证券的监管框架。在最近一次会议上，FSC公布了首份详细的政策路线图，其中包含具体数据和分阶段实施计划。

金融服务委员会副会长权大荣表示，政府将采取战略性方法构建新的数字资本市场。

权表示：“我们将确保证券型代币的应用范围超越零碎投资。我们将为以代币化形式发行和交易现有金融产品（例如股票、债券和基金）奠定基础。”

他表示，政府的目标还在于将资本市场的不同环节，从证券发行和交易到清算和结算以及行使投资者权利，连接成一个单一的数字资本市场。

根据该计划，该国的代币化举措将分三个阶段实施，第一阶段将于2月份与相关法律的实施同步启动。该阶段将涵盖面向机构投资者的私募货币市场基金和公司债券，以及未上市股票和公开发行的零碎投资证券。

第二阶段将把基础设施​​扩展到公开发行的证券，而第三阶段将连接稳定币和其他数字资产作为支付方式，以实现链上结算。

当局指出，第二阶段和第三阶段的时间安排将保持灵活，取决于第一阶段的稳定性和效率以及稳定币相关立法的颁布情况。

监管机构还推出了针对部分投资产品的新指导方针。

根据相关规定，只要满足特定条件，多个基础资产可以组合成单一的部分权益投资证券。这些资产必须类型相同且享有相同的权利，组合的目的必须明确，并且必须排除不良资产。

为加强对投资者的保护，监管机构将设定每位投资者的认购上限，并制定分配规则，以确保所发行证券在投资者之间更均衡地分配。例如，监管机构提议将认购上限设定为3000万韩元（约合2.2万美元）或发行总额的5%，以较低者为准。

同时，该框架将允许现有证券公司和场外交易平台在其现有牌照下处理代币化证券交易。但是，有意提供代币化证券交易服务的平台必须事先咨询金融监督管理总局（FSS）。

当局还计划推出一种新的债务证券交易许可证类别，允许散户投资者参与，从而扩大目前仅限于专业投资者的制度。

证券型代币发行（STO）成为推动韩国创业板指数（KOSDAQ）向3000点迈进的关键引擎

由于FSC出于公平性考虑推迟审批许可，STO市场启动面临不确定性。

在三方竞相争夺交易平台牌照之际，STO市场蓄势待发。