The South Korean Financial Services Commission (FSC) has announced a pilot project to tokenize listed stocks, centered on the Korea Exchange (KRX) and drawing on NYSE and Nasdaq pilot programs. Unlisted stocks will be tokenized via trusts. The FSC also released a standardized three-stage roadmap: Phase 1 begins in February 2027 under the Tokenized Securities Act, limited to institutional investors; Phase 2 expands to public offerings; Phase 3 introduces on-chain settlement, pending stablecoin legislation.
South Korea’s Financial Services Commission (FSC) has rolled out a pilot to tokenize listed stocks. The project is built around the Korea Exchange (KRX), and it borrows from pilot programs at the New York Stock Exchange and Nasdaq.
For unlisted stocks, tokenization will run through trust structures.
The FSC also laid out a standardized three-stage roadmap for asset tokenization.
Phase one is scheduled to start in February 2027, when the "Tokenized Securities Act" takes effect. It will cover private money market funds, private corporate bonds, and unlisted stocks. Only institutional investors will be allowed in.
Then comes phase two. That stage expands the framework to public offerings.
Phase three is where on-chain settlement arrives. In that setup, both securities and settlement means are carried out on the blockchain.
And the FSC said on-chain settlement will officially move ahead once stablecoin legislation is finished.
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