South Korea’s financial regulator, the Financial Services Commission, has announced a plan to open a separate digital securities market to promote cryptocurrencies, operating similarly to Korea Composite Stock Price Index.
By using blockchain technology, the market will use securities tokens that represent ownership rights or asset value. However, such tokens will need to be registered in the format of electronic securities.
Tokens will be distributed the same way as existing securities for investor protection purposes and over-the-counter transactions will be carried out on a smaller scale at the early stages of the market.
The Korea Exchange will operate the digital securities market and have security companies broker the trades as per the planned request from the Financial Services Commission.
The Korea Securities Depository will examine and register the security tokens listing applied by users or through a brokerage, according to the planned proposal.
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