Summary
South Korea’s proposed tokenised-securities rules address capital requirements, over-the-counter trading licences and retail investment limits ahead of a planned 2027 rollout. South Korea advances tokenized securities rules In the US, a reported five-year regulatory pathway is limited to certain products and trading venues, making eligibility—not tokenisation alone—the central market-access distinction. Winners and losers of the SEC’s new tokenized stocks rules
Key developments
Korea is defining entry requirements. The financial regulator’s proposals combine capital standards, licensing for over-the-counter trading and retail investment limits. These remain proposals ahead of the planned rollout, rather than evidence that a particular platform or product is authorised. South Korea advances tokenized securities rules
US trading relief is selective. The SEC’s five-year pathway for tokenised stocks applies to certain products and venues. The supplied reporting does not establish detailed eligibility tests or exemption conditions, limiting conclusions about which operators qualify. Winners and losers of the SEC’s new tokenized stocks rules
Custody is a separate rulemaking track. On October 1, 2026, the SEC proposed a tailored crypto-asset custody framework for registered investment advisers and regulated funds under federal securities laws. This is proposed institutional custody regulation, not a live custody service or tokenised-product approval. SEC proposal on crypto-asset custody
Recordkeeping capability has a concrete registration milestone. An Injective affiliate received SEC transfer agent registration, allowing it to maintain securities ownership records and adding regulated infrastructure capability to its institutional services business. Injective receives SEC transfer agent registration
Europe is preparing supervisory coordination. ESMA will prioritise AI and tokenisation supervision across the EU in 2027. National regulators will identify client-facing applications, review selected firms and work toward consistent oversight approaches. ESMA to prioritize EU-wide supervision
Who is moving
Intercontinental Exchange and OKX: Their equally owned venture, OKXICE, notified the SEC on October 4 of its intention to launch a tokenised-securities offering. The proposed round-the-clock US equities market would use Uniswap; the reported milestone is notification of intent, not confirmed operation. NYSE owner and OKX plan tokenized stock trading
Securitize and LG CNS: The partners are exploring tokenised funds and stablecoins with Korean financial institutions. Any resulting products require regulatory approval, keeping the collaboration distinct from an authorised issuance. Securitize teams with LG CNS
MoonPay: Its planned acquisition of North Capital would add US broker-dealer, trading and investment infrastructure supporting expansion into tokenised securities. The announcement describes an acquisition plan, not a completed transaction. MoonPay to buy North Capital
What to watch
Which products and venues qualify for the US five-year pathway, and what conditions govern participation? SEC tokenized stocks pathway
How will Korea finalise capital requirements, trading licences and retail limits before its planned rollout? South Korea’s proposed rules
What custody obligations will emerge for advisers and regulated funds as the SEC proposal progresses? SEC custody proposal
Sources
South Korea: proposed securities rules
Injective: transfer agent registration
ICE–OKX: proposed trading market
Securitize–LG CNS: exploratory partnership
MoonPay: planned North Capital acquisition
Information only — not investment advice. All reports