South Korean Banks and Securities Firms Establish Token Issuance Platforms

According to Odaily, banks and securities companies in South Korea have begun to establish token issuance platforms and form tokenization alliances. Despite the delay in passing legislation supporting the issuance of security tokens, these institutions continue to make progress. This week, Youli Bank signed a distribution agreement with a secondary market operator and applied to participate in the regulatory sandbox. The Korean Agricultural Cooperative Bank received funding of 1 billion Korean won (732,000 USD) from the Korean Internet and Security Agency (KISA) for the development of its token issuance platform. The platform is expected to be ready by November this year. Despite the lack of legislative support, the move by these institutions indicates a growing interest in the potential of tokenization in the financial sector.