South Korean Blockchain Industry Association Formally Submits Comments on Tokenized Securities Amendment: Proposes Central Bank Participation in Node Operations

Odaily reports that the Korea Blockchain Industry Promotion Association (KBIPA) has formally submitted a comment letter on the amendment to laws related to tokenized securities to South Korea's Financial Services Commission, proposing 9 major modification suggestions and 10 technical correction opinions, and additionally proposing 6 suggestions for future legislative reference, including: expanding the scope of distributed ledger participants to allow qualified third-party technology companies to operate verification, consensus, and query nodes, while retaining the authority to record securities information and ledger management responsibilities with existing participating institutions.

In addition, KBIPA recommends allowing settlement asset issuance and clearing institutions such as the Bank of Korea to participate in node operations within the necessary scope, reserving space for the future realization of delivery versus payment (DvP) for securities and funds. At the same time, the procedures for changing distributed ledger operating standards need to be clarified; if an existing ledger no longer meets regulatory requirements, tokenized securities should be allowed to migrate to another compliant ledger first, rather than being directly converted into ordinary electronic securities. (Edaily)