South Korea’s Financial Services Commission said it will launch a verification and pilot program for listed stock tokenization centered on the Korea Exchange, drawing on pilot examples from the New York Stock Exchange and Nasdaq. The regulator also said unlisted stocks will be tokenized through a trust structure. The commission outlined a three-stage roadmap for tokenizing established assets. The first stage will begin when the Token Securities Act takes effect in February 2027, limiting tokenization to private money market funds, private corporate bonds, and unlisted stocks for institutional investors only. The second stage will expand the scope to public offerings, while the third will advance on-chain settlement for both securities and settlement instruments after stablecoin legislation is enacted.