PANews reported on June 6 that according to Cryptonews, the South Korean National Assembly is accelerating the review process of the Securities Token Offering Act. Two STO-related bills submitted by lawmakers Min Byeong-deok and Kim Jae-seop have entered the discussion stage of the Government Affairs Committee. The newly elected Democratic Party President Lee Jae-myung explicitly supports the legalization of STO, which may break the legislative deadlock since December last year.

The report pointed out that major securities companies and technology companies in South Korea have been preparing a large number of STO issuance plans for many years, involving real estate, commodities and intellectual property. Although former President Yoon Seok-yeol has repeatedly promised to promote the legalization of STO without success, the current ruling and opposition parties have rarely reached a consensus, and the financial market expects the new government to complete the legislative process as soon as possible. If the bill is passed, it will abolish the ban on the issuance of blockchain tokens implemented in the late 2010s and establish a compliance framework for institutions to issue asset-backed tokens.