South Korea’s FSC Proposes Expanding Tokenized Securities to Stocks and Bonds

South Korea is moving tokenized securities from a sandbox curiosity toward a regulated asset class, and the design choices matter more than the asset list. Requiring a registration institution plus at least two account managers, and barring direct ledger fees, pushes toward shared infrastructure rather than issuer-owned silos — a structural bet against the walled-garden model. The 40 billion won capital floor effectively reserves issuer-side account management for larger players, which could concentrate the market early. Whether that threshold and the multi-party requirement survive consultation is the open question.