Korea Blockchain Industry Association: Suggests the central bank participate in node operations

The Korea Blockchain Industry Association (KBIPA) has officially submitted a proposal for amendments to the regulations related to tokenized securities to the Financial Services Commission of Korea, presenting 9 main modification suggestions and 10 technical correction opinions, along with an additional 6 recommendations for future legislative reference, including: 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.

In addition, the Korea Blockchain Industry Association suggests 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 future realization of synchronized delivery of securities and funds (DvP).

At the same time, 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 rather than being directly converted into ordinary electronic securities.