South Korea’s Financial Services Commission said it will advance a pilot project to validate a listed stock tokenization model centered on the Korea Exchange (KRX), while referring to pilot programs at the New York Stock Exchange and Nasdaq. Unlisted stocks will be tokenized through trusts. According to Odaily, the commission also released a three-stage roadmap for standardized asset tokenization.

The first stage will begin when the Token Securities Act takes effect in February 2027 and will cover private money market funds, private corporate bonds, and unlisted stocks, with participation limited to institutional investors. The second stage will expand tokenization to public offerings, while the third stage will move toward on-chain settlement, in which both securities and settlement methods are completed on the blockchain. The commission said on-chain settlement will be formally advanced after stablecoin legislation is completed.