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[South Korea's STO Bill Passes Preliminary Review, Token Securities Market May Launch in the First Half of Next Year] On November 24, South Korea's amendments to the Electronic Securities Act and the Capital Markets Act passed the Bill Review Subcommittee of the National Assembly's Political Affairs Committee, laying the foundation for the opening of a token securities circulation market in the first half of next year. The amendments propose incorporating blockchain distributed ledger technology into the electronic registration system, enabling issuers to register and manage token securities based on distributed ledgers, and bringing small-scale over-the-counter trading platforms under regulatory oversight. If the bill is ultimately passed at the National Assembly's plenary session next month, the tokenization and circulation of physical assets such as real estate, artwork, and music copyrights can proceed within a regulatory framework.