The Korea Blockchain Industry Association submitted its opinions on the proposed amendments to the Financial Services Commission.

The Korea Blockchain Industry Association submitted its opinion paper to the Financial Services Commission of Korea regarding amendments to the Tokenized Securities Act, proposing nine major amendments, ten technical revisions, and six suggestions for future legislative amendments. The paper recommends expanding the scope of participants in distributed ledger systems to allow qualified third-party technology companies to operate verification, consensus, and query nodes, while retaining the existing participants' rights to record securities information and their ledger management responsibilities. The Korea Blockchain Industry Association recommends allowing settlement asset issuing and clearing institutions such as the Bank of Korea to participate in node operation, reserving space for simultaneous settlement of securities and funds. Furthermore, it suggests clarifying the procedures for changing distributed ledger operating standards; if an existing ledger no longer meets regulatory requirements, tokenized securities should be allowed to migrate to other compliant ledgers. (Source: Edaily)