South Korea’s Financial Services Commission unveiled on September 4 a three-phase roadmap to convert stocks, bonds, and investment funds into blockchain-based tokens, with the first phase set to begin in February 2027. The final phase aims for an on-chain payment system tied to stablecoins, with its pace depending on market adaptation and pending legislation. Individual subscriptions will be capped at whichever is smaller between 30 million won ($22,200) and 5% of an issuance, while retail investors face an annual cap of 100 million won ($74,000) in net purchases per platform. The IMF had previously warned about tokenization risks, including liquidity pressure, insufficient oversight of smart contracts, and the difficulty of policing cross-border assets.
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