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Comparative Research on the legislation for Promoting Fintech STO Token Securities and Blockchain Fractional Investments in South Korea - Focusing on the U.S. STO Law
( Kiwoong Baek )
DOI 10.36532/ABL.2025.36.53

To explore the regulatory considerations for fintech blockchain fractional investments through Security Token Offerings (STOs) in South Korea, advanced legislative frameworks in the United States, United Kingdom, Switzerland, Singapore, and the EU were reviewed. The paper presents necessary legal adjustments to accommodate STOs within South Korea's capital market. Two main legislative amendments are proposed: 1. Amendments to the Electronic Securities Act: Establishing new token securities and issuer account management institutions to determine the security nature. 2. Amendments to the Capital Markets Act: Facilitating the distribution of investment contract securities and beneficiary securities and establishing authorization for over-the-counter (OTC) trading intermediaries. These amendments aim to provide a legal guideline for securitizing various rights that were difficult to issue under the traditional electronic securities system dominated by financial institutions. By digitalizing these non-standard securities, they can be traded conveniently, thus promoting the innovation of token securities. This regulatory framework will ensure that the innovation brought by token securities can be integrated within the capital market system, providing convenience in transactions and protecting investors' rights.

Ⅰ. Introduction
Ⅱ. STO Token Securities
Ⅲ. Current Research of Advanced STO Token Securities Legislations
Ⅳ. Implications of the U.S. STO law
Ⅴ. Legislative Amendment for Activating STO Fractional Investment
Ⅵ. Conclusion
[자료제공 : 네이버학술정보]
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