The South Korean National Assembly is accelerating the review process of the bill on the issuance of security tokens

ChainCatcher news, according to Cryptonews, the South Korean National Assembly is accelerating the review process of the "Securities Token Offering Act." Two STO-related bills submitted by lawmakers Min Byeong-deok and Kim Jae-seop have entered the discussion stage in the government committee. The newly elected Democratic Party president Lee Jae-myung has clearly supported the legalization of STOs, which may break the legislative deadlock that has persisted since December of last year.

The report points out that major securities companies and technology firms in South Korea have been preparing a large number of STO issuance plans over the years, involving real estate, commodities, and intellectual property sectors. Although former President Yoon Suk-yeol had repeatedly promised to promote the legalization of STOs without success, the current ruling and opposition parties have rarely reached a consensus, and the financial market hopes that the new government can complete the legislative process as soon as possible. If the bill is passed, it will abolish the blockchain token issuance ban implemented in the late 2010s and establish a compliance framework for institutional issuance of asset-backed tokens.