FSC proposes token-securities registration rules

The Financial Services Commission has proposed registration and refusal rules for issuer account management institutions in Notice No. 2026-671, ahead of token-securities provisions taking effect on 4 February 2027.

The notice concerns a draft amendment to the Regulation on Electronic Registration Business. It sets an 11 November 2026 deadline for comments, but remains a proposal rather than a final amendment.

Registration requirements for issuer account management institutions

The draft would require at least one account management specialist, at least one internal control specialist and at least two information technology specialists, among other requirements.

Applications would include financial information such as equity capital, details of personnel and physical facilities including information technology systems, and information showing that the distributed ledger to be used is suitable for electronic registration.

Applicants would also provide business regulations governing the electronic registration and management of stocks and other securities through distributed ledgers, together with documents describing how those activities would be conducted.

The proposed registration procedure follows Appendix 3 to the Regulations on Authorization, etc. of Electronic Registration Business, excluding the preliminary authorization stage. Under the draft, references to electronic registration business would be read as references to issuer account management institutions and references to authorization as registration.

Applicants would complete Attached Form 3 and submit it to the FSC. The notice does not specify a separate filing channel or additional deadline for registration applications.

The proposal is linked to amendments to the Act on Electronic Registration of Stocks, Bonds, etc. The FSC said those amendments introduce token securities that record and manage information on securities issuance and distribution using distributed ledger technology and take effect on 4 February 2027. The draft is intended to reflect matters delegated by the amended Act in subordinate regulations.

Proposed refusal grounds

The draft would allow electronic registration to be refused where registration is sought on a distributed ledger that does not meet the requirements under Article 17-3 of the Enforcement Decree.

It would also cover applications for account-to-account transfers that violate the proviso to Article 23-2(1) of the amended Act or Article 23-2(2). The notice does not set out how the FSC would assess ledger suitability or apply those refusal provisions in individual cases.

The FSC published the notice on 2 October 2026 under Article 41 of the Administrative Procedures Act. It identifies no separate finalisation or commencement event for this draft.

Comments are due through the online legislative participation centre or to the FSC’s Capital Market Division by 11 November 2026. No separately identified official next event appears in the notice.