The South Korean Financial Services Commission (FSC) released its policy roadmap for the digital transformation of securities issuance and distribution, and tokenization, on September 4. The roadmap will be implemented in three phases, with the first phase launching in February 2027, expanding the scope of securities tokenization to include institutional money market funds, institutional bonds, unlisted stocks under trust structures, and public fractional investment securities. The second phase will cover all types of public securities, with the final phase aiming to establish an on-chain payment infrastructure linked to stablecoins. Additionally, the FSC has developed model standards for fractional investments and outlined specific requirements for over-the-counter (OTC) intermediaries and issuer account management entities. These include an annual net purchase limit of 100 million Korean Won for retail investors on each OTC exchange, and a requirement for issuer account management entities to have equity capital exceeding 4 billion Korean Won, to ensure investor protection and market stability.