South Korea's recent moves are quite pragmatic, with fragmented investments and traditional securities tokenization—someone is finally seriously considering liquidity issues.

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MeNews
The Korea Financial Services Commission will announce regulations on token securities in July, aiming to allow multi-asset bundled issuance of fractional investment securities.
ME News Report, May 15 (UTC+8), the Korea Financial Services Commission will announce regulations and guidelines related to token securities in July, and plans to allow the bundling of multiple similar underlying assets to issue fractional investment securities. Additionally, the commission will develop a tokenization roadmap for traditional securities such as stocks, bonds, and money market funds, and study expanding trading limits on over-the-counter platforms for token securities to enhance market liquidity. (Source: Foresight News)
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