The Busan Ilbo reported that several prominent companies in South Korea are preparing to launch services related to security token offerings (STOs) this year. This proves that the country is dedicated to blockchain technology.
According to the report, several firms are waiting for the Financial Services Commission (FSC) to publish industry guidelines on how to offer STOs in compliance with the law. The FSC is scheduled to announce the STO on January 19.
While details of the announcement are scarce, several domestic securities companies have been busy preparing digital asset platforms that can process and/or issue tokens in anticipation of the FSC giving them the green light to offer such services later this month. This includes Korea Exchange, the country's only securities exchange operator, as well as banking giants Kookmin and Shinhan and Kiwoom Securities.
The city of Busan is also looking to make STO an integral part of its digital asset exchange project, which is being developed with several leading international crypto exchanges, including Binance.
All forms of crypto-asset issuance are currently banned in South Korea, but both the FSC and President Yoon Suk-yeol have indicated that they intend to make changes to the rule.