The over-the-counter exchange operator that will handle the distribution of security token offerings (STOs) has been effectively decided.
According to the financial sector on the 7th, the Financial Services Commission held a Securities and Futures Commission meeting that afternoon and, after reviewing the preliminary license applications for the over-the-counter exchange for fractional investment, approved the Korea Exchange (KRX)-Koscom consortium and the NEXTRADE (NXT)-Musicow consortium.
Final approval is expected to be confirmed at the regular meeting of the Financial Services Commission (FSC) on the 14th. In the industry, the view is that because agenda items that pass the Securities and Futures Commission (SFC) are rarely overturned at the regular meeting, the selection of the two consortia as operators has effectively entered the final stage.
Earlier, a total of three consortia threw their hats in the ring for this preliminary license. ▲ Korea Exchange (KRX)-Koscom consortium (KDX) ▲ Lucentblock consortium ▲ NEXTRADE (NXT)-Musicow consortium (NXT consortium).
The KDX consortium includes Buysell Standards, among others, and the NXT consortium includes corporations such as Musicow. The two are said to have each emphasized verified market infrastructure, stability, and innovation.
Meanwhile, the amendment to the Financial Investment Services and Capital Markets Act that stipulates matters related to STOs remains pending in the National Assembly. With passage by the plenary session approaching, the plenary session scheduled for the 8th was tentatively agreed to be postponed to the 15th after the ruling and opposition parties met under the chairmanship of the National Assembly speaker that day.