The South Korean National Assembly is expediting the review process of the Security Token Issuance Bill

According to Cryptonews, the South Korean National Assembly is accelerating the review process of the Security Token Issuance Bill. Two STO-related bills submitted by lawmakers Min Byeong-deok and Kim Jae-seop have entered the discussion stage of the government committee. The newly elected Democratic President Lee Jae-myung clearly supports the legalization of STOs, which may break the legislative deadlock since December last year.
The report pointed out that major securities companies and technology companies in South Korea have been preparing a large number of STO issuance plans for many years, involving real estate, commodities and intellectual property. Although former President Yoon Seok-yuk has repeatedly promised to promote the legalization of STOs, the current ruling and opposition political parties have rarely reached a consensus, and financial marekt expects the new government to complete the legislative process as soon as possible. If the bill is passed, it will repeal the ban on the issuance of blockchain tokens implemented in the late 2010s and establish a compliance framework for institutions to issue asset-backed tokens.