Regional tokenisation track · Korea

    Above the FSC, BOK and KRX rail.

    The Korean tokenisation track covers the FSC's Security Token Offering (STO) framework, the BOK CBDC wholesale pilot, the KRX-led tokenised-securities platform, and the Virtual Asset User Protection Act regime. The substrate ships Q4 2026 with the perimeter stated now and briefing requests open.

    In development
    Q4 2026
    Regulator map
    FSC — Financial Services Commission

    STO regulatory framework, Virtual Asset User Protection Act supervision, tokenised-securities issuance and disclosure rules.

    FSS — Financial Supervisory Service

    Examination authority for STO platform operators, custody arrangements, and conduct oversight.

    BOK — Bank of Korea

    Wholesale CBDC proof-of-concept (with seven commercial banks) and DLT-based settlement experimentation.

    KRX — Korea Exchange

    Operator of the regulated tokenised-securities platform and primary listing venue for STO instruments.

    Cohort treatment in Korea
    Cohort A · Tokenised securities (Korea)

    STO instruments cleared via KRX, fractionalised real-asset offerings, and tokenised corporate notes under FSC disclosure rules.

    Cohort B · Tokenised deposits (Korea)

    Commercial-bank deposit instruments on BOK wholesale CBDC rails under Virtual Asset User Protection Act consumer-protection treatment.

    Build deltas against the generic global substrate
    Δ1
    STO platform control library

    Versioned controls tracking KRX platform-operator obligations, account-management entities, and disclosure cadence under the FSC framework.

    Δ2
    Real-name account reconciliation

    Real-name verified-account flow honoured across tokenised instruments, with FSS-facing evidence and Travel Rule conformance.

    Δ3
    BOK wholesale settlement envelope

    Settlement reconciliation against the BOK wholesale CBDC pilot with sovereign-residency and Personal Information Protection Act constraints respected.

    What is withheld from this brief

    ORS weights, the effectiveness-grade rubric, Trust Gate definitions, the dependency-graph internals, and the institutional control library specifics for Korea. The category map is public; the full operating disclosure is released only under signed terms.

    Cabier sits above the rail. The rail settles; the institution governs.