South Korea Proposes Tokenized Securities Rules Ahead of 2027 Rollout

South Korea's move is notable less for its timing than for its sequencing: it is defining capital, licensing and retail-holding conditions before any full rollout, which puts the framework in the same regulatory family as the EU's and Hong Kong's tokenization regimes rather than the lighter-touch approach seen elsewhere. The retail cap is the tell — it signals that tokenized securities are being treated as a distribution question, not just a technology one, which affects both brokers seeking OTC licenses and the issuers who depend on retail demand. Whether other Asian jurisdictions follow this template is the open question.