South Korea’s Financial Services Commission (FSC) has proposed limiting retail investors’ annual net purchases of tokenized securities to 100 million won ($72,000) per over-the-counter platform. The net-purchase figure would equal annual purchases minus annual sales. The FSC will seek public comments from Oct. 2 through Nov. 11 on revisions to enforcement decrees under the Electronic Securities Act and the Capital Markets Act, whose amended provisions take effect on Feb. 4, 2027. The proposal would expand the over-the-counter framework beyond unlisted shares and non-cash trust beneficiary certificates to include debt securities, and would establish a licensing unit for platforms handling them. Issuer account management institutions would need at least 4 billion won ($2.9 million) in equity capital, one account-management specialist, one internal-controls specialist and two information-technology specialists. Tokenized issuance would cover fractional investment products as well as stocks, bonds and funds. The FSC is considering industry requests to raise the retail cap, lower the capital threshold and ease distributed-ledger requirements before the rules are finalized.