South Korea has laid out how tokenized securities will enter its regulated capital markets, beginning with a focused launch in February 2027 and expanding in stages. The Financial Services Commission roadmap moves the country’s plans beyond fractional investments. It brings familiar financial products such as funds, bonds and shares into scope, while setting a longer term path toward settling securities onchain. The first phase begins on February 4, 2027, when South Korea’s amended tokenized securities laws take effect. Private money market funds and privately placed bonds for institutional investors will be included first. Unlisted shares can be tokenized through a trust structure, while publicly offered fractional investment securities will also be included in the opening phase. The Korea Exchange will run pilot tests for tokenized listed shares alongside this rollout. The work will use programs explored by the New York Stock Exchange and Nasdaq as reference points. The second phase would expand the infrastructure toward publicly offered securities where the technology can support them safely and efficiently. The third phase aims to connect stablecoins and other payment instruments to the system, creating the infrastructure needed for onchain settlement. The timing of these later phases will be set as the first stage develops. Progress will depend on its stability and efficiency, demand from the market, technical development and the progress of South Korea’s stablecoin legislation. Existing securities firms and trading venues will also have a route into the new market. Businesses with the relevant licences will be able to handle tokenized securities within their existing areas of authorization. Over the counter platforms will need to consult the Financial Supervisory Service before supporting tokenized securities. Retail investors will be limited to 100 million won in annual net purchases on each over the counter platform under the planned framework. The Financial Services Commission intends to publish supporting regulations for public consultation by the end of September. The Korea Securities Depository and securities firms will then continue building the systems required for the first phase. The roadmap gives South Korea a clear starting point for regulated tokenized securities. It begins with institutional and fractional investment products, then creates a route toward public securities and onchain settlement as the market, technology and legal framework develop.