Monday, September 2, 2024 – The South Korea Central Bank, the financial investment industry and the digital asset industry, have urged the government to urgently regulate tokenized securities continuing for Security Token Offering (STO) during a Korea Securities Association (KSA) summit held on August 27.
The unanimous decision was brought out concerning the actual utility of blockchain in the expansion of the financial sector and digital asset market in South Korea.
The attendees and experts at the summit noted that the prompt enactment of token securities would upsurge South Korea’s position, whereas advanced countries are competing to explore the financial and digital asset markets fueled by blockchain.
It is believed that the monopoly of platform companies—the issue failed to resolve through laws—will be handled by blockchain technology.
Lee Jun-seo reminded the attendees that an STO bill is pending in the National Assembly.
The attendees agreed that Seoul required a proper legislation framework for its STO industry.
The local companies, except fintech companies and security providers, are also required to facilitate easy access to the STO market, they demanded.
