Financial Services Commission postpones meeting on agenda to approve an OTC exchange for STOs

YM Lee

Summary

The Financial Services Commission said it will postpone discussions on an agenda item to approve an over-the-counter (OTC) exchange for security token offerings (STOs).
The FSC said the timing for handling the approval agenda item has not yet been decided as it could not hold its regular meeting due to the National Assembly Legislation and Judiciary Committee’s schedule.
With two consortia selected for preliminary approval screening for an STO OTC exchange by the Securities and Futures Commission, Lucentblock could be excluded from the preliminary approval review list.

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South Korea’s Financial Services Commission (FSC) said it will postpone discussions on an agenda item to grant approval for an over-the-counter (OTC) exchange for security token offerings (STOs).

On the 11th, the FSC said, “An additional schedule for the National Assembly’s Legislation and Judiciary Committee came up this afternoon, so we were unable to hold the regular meeting,” adding, “It has not yet been decided whether the meeting will be held in two weeks or sometime this week.”

Earlier, on the 7th, the FSC’s Securities and Futures Commission convened a meeting and selected the Korea Exchange–Koscom (KDX) consortium and the Nextrade–Musicow (NXT) consortium as candidates for preliminary approval screening for an STO OTC exchange. If the agenda item is finalized at the regular meeting, Lucentblock—which has been pursuing an STO business since 2018—will be excluded from the preliminary approval review list.