South Korea’s Financial Services Commission has set Feb. 4 next year as the starting date for expanding tokenized securities beyond fractional investment products. The initial phase will cover privately placed money market funds for institutional investors, privately placed bonds and unlisted shares, while broadening the framework for fractional investment products. For unlisted shares, existing electronic securities can be placed in trust and issued and traded as tokenized beneficiary certificates. Authorities will later consider tokenizing public securities for retail investors and, in a final stage, linking securities and payment instruments through stablecoin-based on-chain settlement. Securities firms and over-the-counter trading platforms with existing licenses will be able to handle tokenized securities within their current approvals, without a separate licensing regime. The framework also conditionally permits pooling similar underlying assets and using future receivables where contractual and investor-protection safeguards are in place.