[South Korea Financial Services Commission: Advancing the Verification and Pilot of Listed Stock Tokenization Model Centered on Korean Exchange] According to Digital Asset, the South Korea Financial Services Commission announced plans to advance the verification and pilot project of a listed stock tokenization model centered on the Korea Exchange (KRX), referencing pilot programs from the New York Stock Exchange and Nasdaq. Non-listed stocks will be tokenized through a trust mechanism. The Financial Services Commission has unveiled a three-phase roadmap for asset tokenization. The first phase will commence in February 2027 with the implementation of the Token Securities Act, targeting tokenization of private money market funds, private corporate bonds, and non-listed stocks, limited to institutional investors. The second phase will expand the scope to public offerings. The third phase will promote "on-chain settlement," where both securities and settlement methods are completed on the blockchain. The Financial Services Commission stated that on-chain settlement will be officially advanced following stablecoin legislation.