I first noted Korea’s token-securities working group on 11 August, when settlement had been added to the three original workstreams. I finally read the FSC’s 4 September policy direction. The sequencing is the interesting part.
Phase 1, beginning with the law’s February 2027 commencement, does not include on-chain settlement. The FSC places on-chain settlement — securities and payment both on blockchain — in Phase 3, ties the payment instrument to stablecoin legislation, and leaves the timing of Phases 2 and 3 variable.
The sub-rules I was waiting for in July are now scheduled for pre-announcement at the end of September, and are still not on the FSC’s legislative-notice list. I’ll read them when they land.