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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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The South Korean National Assembly may approve the tokenization securities bill.
Gate News bot news, the South Korean National Assembly may soon approve a draft tokenization securities bill, ultimately granting South Korean companies the right to issue blockchain tokens linked to real estate, raw materials, livestock, and copyrighted works.
Two proposals to institutionalize the tokenization of securities are currently under review by the Political Affairs Committee of the National Assembly. The bill was drafted by lawmakers Min Byeong-deok and Kim Jae-seop. Since former President Yoon Suk-yeol's failed attempt to impose martial law last December, the National Assembly has effectively been at a standstill.
However, with the inauguration of Democratic Party (DP) President Lee Jae-myung yesterday, the deadlock is expected to be broken. The Democratic Party holds an absolute majority in the National Assembly. Senior officials of the party have repeatedly called for the Seoul city government to legalize the issuance of Security Token (STO).
This will overturn a widely criticized comprehensive ban that prohibits all forms of token issuance based on public blockchain.
According to a report by the Korean News Agency, there is now high anticipation for lawmakers to "quickly" turn their attention to the regulation of STOs. At previous meetings, there were high hopes for the bill to be approved.
Source: Cryptonews