At the industry event on October 1, the first figure written down was for retail investors: each over-the-counter exchange would have an annual net-purchase cap of 100 million won, or about $74,000. The first to receive on-chain identity were private money market funds and bonds, for institutions only.
The effective date is set for February 4, 2027. The first phase will admit three categories: the two institution-only categories, unlisted shares using a trust structure, and publicly issued tokenized securities. The second phase will expand to public offerings, with no date given; the third will move settlement on-chain and use stablecoins for payment, but is contingent on the second round of legislation. No separate license will be created: licensed brokerages can operate within their existing scope. On the ledger side, the initial approach will be private and permissioned.
I split the roadmap as written into two items: the one with a date is asset categories, the one with a cap is retail investors, and the blank in between is who can hold them.
Retail investors are not shut out; they have their own separate box. Under the fractional-investment provision, an individual subscription is capped at the lower of 30 million won or 5% of the total issuance, with an equal-allocation portion also set aside. The rules for pools of similar assets shift from a ban to a restriction, with the conditions to be specified separately. For now, retail investors are governed by the cap.
Who can hold them is left for each firm to decide: POLYXUSDT builds identity verification into the chain, so only accounts that pass verification can receive them; ONDOUSDT sells by allocation to eligible holders; ALGOUSDT only provides the ledger; BNBUSDT is not part of this track. The intraday ranges were 0.041–0.042, 0.515–0.533, 0.126–0.134, and $750.5–$758.1, respectively; their positions within the seven-day ranges were 62%, 82%, 70%, and 53%. Daily trading volumes ranged from $5.27 million down to $20,000.
In this roadmap, dates are given for the asset-category side and caps for the retail-investor side; who can hold them is left unwritten, in the hands of each firm. If the retail side gets a date first while the asset-category side stays unchanged, that would mean the two items have been combined, and this reading would need to be rearranged. If neither item moves, I’ll keep this version for now. The roadmap leaves blank the question of who can hold them; Binance updates daily on how to allocate idle shares and which tier to place them in, and you can decide for yourself. This article records an opinion and does not constitute investment advice. #韩国代币化证券拟扩至债券基金
The effective date is set for February 4, 2027. The first phase will admit three categories: the two institution-only categories, unlisted shares using a trust structure, and publicly issued tokenized securities. The second phase will expand to public offerings, with no date given; the third will move settlement on-chain and use stablecoins for payment, but is contingent on the second round of legislation. No separate license will be created: licensed brokerages can operate within their existing scope. On the ledger side, the initial approach will be private and permissioned.
I split the roadmap as written into two items: the one with a date is asset categories, the one with a cap is retail investors, and the blank in between is who can hold them.
Retail investors are not shut out; they have their own separate box. Under the fractional-investment provision, an individual subscription is capped at the lower of 30 million won or 5% of the total issuance, with an equal-allocation portion also set aside. The rules for pools of similar assets shift from a ban to a restriction, with the conditions to be specified separately. For now, retail investors are governed by the cap.
Who can hold them is left for each firm to decide: POLYXUSDT builds identity verification into the chain, so only accounts that pass verification can receive them; ONDOUSDT sells by allocation to eligible holders; ALGOUSDT only provides the ledger; BNBUSDT is not part of this track. The intraday ranges were 0.041–0.042, 0.515–0.533, 0.126–0.134, and $750.5–$758.1, respectively; their positions within the seven-day ranges were 62%, 82%, 70%, and 53%. Daily trading volumes ranged from $5.27 million down to $20,000.
In this roadmap, dates are given for the asset-category side and caps for the retail-investor side; who can hold them is left unwritten, in the hands of each firm. If the retail side gets a date first while the asset-category side stays unchanged, that would mean the two items have been combined, and this reading would need to be rearranged. If neither item moves, I’ll keep this version for now. The roadmap leaves blank the question of who can hold them; Binance updates daily on how to allocate idle shares and which tier to place them in, and you can decide for yourself. This article records an opinion and does not constitute investment advice. #韩国代币化证券拟扩至债券基金