Korean Blockchain Industry Association Suggests Central Bank Participate in Node Operations

The Korean Blockchain Industry Association (KBIPA) has submitted a proposal for amendments to the regulations regarding tokenized securities to the Financial Services Commission of Korea. The proposal includes nine major modification suggestions and ten technical corrections, along with six recommendations for future legislative references. Suggestions include expanding the scope of participants in distributed ledger technology, allowing qualified third-party technology companies to operate verification, consensus, and query nodes, while retaining the rights to record securities information and the responsibility for ledger management within the existing participating institutions. The association also recommends allowing the Bank of Korea and other settlement asset issuance and clearing institutions to participate in node operations within necessary limits, reserving space for the synchronous delivery of securities and funds (DvP). Furthermore, it is necessary to clarify the procedures for changing the operational standards of distributed ledgers. If the existing ledger no longer meets regulatory requirements, tokenized securities should be allowed to migrate to other compliant ledgers instead of being directly converted into ordinary electronic securities.

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