FSC Postpones Token Securities Regulations to August — Kasa Korea Ultimately Shuts Down

The Financial Services Commission (FSC) has postponed the release of its secondary regulatory guidelines for token securities—originally slated for the end of July—by one month to August 2026. As the regulatory void stretches out ahead of the full implementation of the law in February 2027, the market is rapidly restructuring, with first-generation fractional investment platforms facing financial difficulties and either shutting down or undergoing M&A. We take a look at why the industry is on edge following the sudden delay and what shifts are occurring in the community.

Why Is the One-Month Guideline Delay Such a Shock to the Market?

The secondary regulations delayed this time contain the specific criteria essential for preparing actual operations, ranging from the scope of token securities assets to over-the-counter (OTC) exchange licensing standards and investment limits for retail investors.

With the amended Electronic Securities Act and Capital Markets Act scheduled to fully take effect on February 4, 2027, companies that need to build and test their services before the law comes into force are facing a tight schedule; even a one-month delay in guidelines could disrupt their entire preparation timeline.

The Disappointing Exit of Platforms That Couldn't Hang On

As the regulatory void has persisted, small and medium-sized fractional investment firms have faced direct threats to their survival, largely because covering the costs of maintaining services while waiting for institutionalization has proven difficult.

The exit of Kasa Korea, the first-generation real estate fractional investment platform that raised expectations after being acquired by Daishin Securities, is a prime example. Kasa Korea has been in the process of selling off its remaining assets, such as Bukchon Wolhajae and the Sangam 235 Building, and has ultimately decided to officially terminate its services on August 10, 2026.

Prior to this, in May 2026, competing platform Funble entered liquidation proceedings after failing to meet requirements such as the capital standards needed for a license.

Seeing the pioneers who opened up this market close their doors before the new system could even fully settle has drawn many expressions of regret from the community. For small and medium-sized platforms, the time spent simply waiting for regulations to be finalized became a major financial burden and a battle for survival.

Companies Seeking Breakthroughs Through Partnerships and M&As with Financial Firms

Even in such a difficult environment, some companies are finding new breakthroughs by leveraging solid financial networks. Their strategy is to proactively prepare for the next phase by joining forces with partners that possess verified technology and capital, rather than just waiting for regulations to be sorted out.

A leading example is 8percent, a representative player in the Online Investment-Linked Finance (P2P lending) sector. 8percent recently acquired a stake in Apanda Partners, a blockchain-based token securities platform. Apanda Partners has been drawing industry attention as major financial firms, such as Shinhan Securities, are among its primary shareholders.

Through this acquisition, 8percent plans to combine its accumulated expertise in loan evaluation and debt management with token securities technology. The vision is to design stable financial-type token securities products based on corporate bonds or loan receivables. As such, the token securities market is showing a trend of moving away from independent challenges by individual small and medium-sized ventures toward restructuring around reliable coalitions backed by partnerships with the existing financial sector.

Key Points to Watch in the August Guidelines

Ultimately, the details of the secondary regulations to be unveiled in August 2026 appear set to determine the fate of the companies remaining in the market. The key watchpoints are how flexibly retail investment limits will be set and whether concrete paths will open for small and medium-sized platforms to enter the regulated system through partnerships with large financial firms. We will have to wait calmly to see if these regulations can serve as a safe guardrail while preserving the market's dynamism.