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South Korea’s ‘Crypto Friendly’ President Seeks STO, IEO Oversight
South Korean president-elect Yoon Suk-yeol is reportedly working with financial authorities to regulate security token offerings (STOs) and initial exchange offerings (IEOs).
Muskaan T.
7:03 11th Apr, 2022
Policy

STOs, currently being reviewed by Yoon’s Presidential Transition Committee, tokenize traditional securities such as real estate and stocks.

The Financial Services Commission proposed amending the Capital Markets Act to include STOs, while mulling whether such financial products will be offered on traditional exchanges or cryptocurrency service providers.

The committee is also looking to grant more cash-to-crypto licenses to crypto trading platforms in efforts to dilute the local crypto exchanges oligopoly.

South Korea has only four cash-to-crypto exchanges — Upbit, Bithumb, Coinone and Korbit — that have over 95% of the local crypto market share.

Right-leaning Yoon, who starts May 10, promised crypto-friendly policies in his campaign, including the reversal of the 2017 ban on initial coin offerings (ICOs) by greenlighting IEOs.

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