South Korea's Financial Services Commission has set out a three-stage program to place stocks, bonds, funds and other securities on distributed-ledger infrastructure, beginning in February 2027 when amendments to the Electronic Registration Act are due to take effect. The first phase covers privately pooled money market funds, bonds for institutional investors, trust-held unlisted shares and publicly offered fractional investment securities, followed by a potential expansion to all publicly offered securities and stablecoin-linked on-chain settlement. The Korea Exchange plans to open an electronic-securities market for fractional investment products on Nov. 16, allowing investors to trade interests backed by non-standard assets such as artworks and Korean native cattle through conventional brokerage accounts. Two over-the-counter platforms seeking to distribute tokenized fractional investment products are awaiting approval decisions in the fourth quarter, setting up parallel electronic-securities exchange trading and tokenized-securities OTC trading from February 2027. Industry participants say around-the-clock trading and small-ticket investing alone are unlikely to distinguish tokenized securities because those features can also be supported by conventional electronic securities. They instead see the potential advantage in broadening access to non-standard assets, reducing issuance costs for project-based offerings, and improving the transparency of investor rights, settlement and underlying-asset information. Tessa and Stockkeeper said tokenized infrastructure could support diverse products and more closely connect physical-asset data with investor claims.