Joseon Security and Exchange Control Act of 2023

By the grace of God and the goodwill of the people of Joseon and the King, who has given his consent, let it be enacted as follows:

 

1. General Provisions
   1. This Act shall establish the Joseon Security and Exchange Commission (SEC) to oversee the regulation and supervision of securities and exchanges within the jurisdiction of Joseon.
   2. The SEC shall be committed to promoting a competitive, transparent, and efficient securities market in Joseon, while ensuring investor protection and safeguarding the integrity of the market.
   3. The SEC shall operate under the principles of minimal regulation, market-driven policies, and technology neutrality, fostering an environment that encourages innovation, growth, and economic development.
2. Securities
   1. The issuance and registration of securities in Joseon shall be overseen by the Ministry of Commerce, in accordance with the Companies Act of 2023.
   2. All securities in Joseon are represented as tokens on the Joseon Blockchain.
   3. The SEC shall apply a risk-based approach to the regulation of securities, with consideration given to the unique characteristics and potential benefits of blockchain-based tokens.
3. Exchanges
   1. The SEC shall oversee the registration, operation, and supervision of securities exchanges within the jurisdiction of Joseon.
   2. Exchanges shall be required to register with the SEC and comply with operational, reporting, and anti-money laundering (AML) requirements as determined by the SEC.
   3. Exchanges shall be permitted to list and trade a wide range of blockchain-based tokens, subject to the approval of the SEC.
   4. The SEC shall encourage competition and innovation among exchanges, with the aim of promoting market efficiency and liquidity.
4. Investor Protection
   1. The SEC shall implement measures to protect investors and maintain public confidence in the securities market.
   2. The SEC shall establish guidelines for the disclosure of material information by issuers, exchanges, and other market participants, with the aim of promoting transparency and reducing information asymmetry.
   3. The SEC shall monitor and enforce compliance with securities laws and regulations, and shall have the authority to impose sanctions and penalties for non-compliance.
   4. The SEC shall cooperate with other domestic and international regulatory authorities to combat cross-border market manipulation, insider trading, and other forms of market abuse.
5. Regulatory Framework
   1. The SEC shall periodically review and update the regulatory framework for securities and exchanges in Joseon, in response to technological advancements, market developments, and emerging risks and opportunities.
   2. The SEC shall engage with industry stakeholders, including issuers, exchanges, investors, and technology providers, to ensure that the regulatory framework remains relevant, effective, and supportive of innovation and growth.
6. Amendments
   1. This Act may be amended by the Council of Dignitaries, Elders, and Revisionists (CODERS) in accordance with the established legislative processes, and with the approval of the King.

   2. This Act shall come into force on the date of its enactment and shall apply to all activities related to securities and exchanges within the jurisdiction of Joseon from that date forward.