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Can You Split a Building or Gold Into Small Pieces on a Blockchain? How Security Tokens (STO) Differ From SASEUL Coin (SL)

· Use cases

Can you split a building or gold into small pieces on a blockchain?

The law has passed, and from February 2027 it can be done as a security

December 2019

Fractional real estate gets a regulatory exemption (service started September 2020)

February 2023

Financial Services Commission announces its plan for security tokens

January 15, 2026

The law passes a plenary vote in the National Assembly

February 4, 2027

The law is set to take effect

Based on Financial Services Commission press releases (December 19, 2019, February 6, 2023, January 15, 2026, September 4, 2026), checked September 29, 2026

Yes, it's becoming possible. Splitting something expensive, like a building or gold, into small pieces that many people own is called fractional investment. A security recorded on a blockchain (a ledger that many people hold copies of) for these pieces is a security token (STO).

In Korea, the law for this system passed a plenary vote in the National Assembly on January 15, 2026. Korea's Financial Services Commission (FSC) said it's set to take effect on February 4, 2027.

What was the problem before the law changed?

The law had no system for many people to buy and sell these pieces. A whole building is too expensive for one person to buy. If lots of people pool their money and split it, someone has to record who owns how many pieces, and there has to be a place to buy and sell them.

In its announcement on February 6, 2023, the FSC said these pieces can count as securities under the law. But the law at the time had no system for many people to trade securities like that. So it wrote that they were hard to trade inside the regulated system.

What changes when it's done on a blockchain?

The record of who owns how many pieces isn't kept on one company's computer. Several institutions share the same ledger. Once something is written, it's hard to change it quietly later. If only one place's ledger changes, it won't match the others, and that shows.

The law spells this out too. According to the FSC's January 15, 2026 document, the revised Electronic Securities Act defines this ledger as "a ledger protected from unauthorized deletion and after-the-fact alteration."

That said, it isn't a ledger anyone can join. A guide to ledger standards was released along with the FSC's announcement on September 4, 2026. It was written by the Korea Securities Depository (the institution in Korea that keeps and manages securities records). The guide limits the places that run the ledger together to the Korea Securities Depository and places like securities firms. Investors open their accounts at account-managing institutions like securities firms.

How are security tokens different from SASEUL coin (SL)?

A security token is a right that the law treats as a security, put on a blockchain ledger. In its 2023 announcement, the FSC compared the security to food and the ledger format to the bowl. Even if the bowl changes, the food is still a security, so the same securities rules apply, like the duty to give investors information and the need for a business license.

What I compared Security token SASEUL coin (SL)
How it comes into being A company issues it as a security and sells it to investors SL comes only from mining (though you can make separate tokens on SASEUL)
How the law sees it A security Couldn't find any separate ruling by financial regulators
What it's for Things like the right to a share of what a building or business earns Paid as a fee when you put a transaction on the SASEUL ledger (the fee goes to the validators)
Who holds the ledger together The Korea Securities Depository, securities firms and so on Computers that take part in mining

SASEUL's official docs say SL comes only from mining, and that you pay a fee in SL when you put a transaction on the ledger. The project's description on CoinMarketCap says no share was sold in advance or given to the team. It isn't a coin that a company issued and sold as a security, the way security tokens are. I couldn't find any separate ruling by financial regulators about SL.

That said, anyone can create their own new token on the SASEUL ledger. The official GitHub has example contracts for making a token, and the September 9, 2022 notice (#13) also covered the cost of issuing tokens. A token made that way doesn't automatically become a security token in the legal sense. In Korea, a security token has to be recorded on a ledger that meets the Korea Securities Depository's standards (one where only the depository and account management institutions like securities firms take part, and no coins are created for fees). So it doesn't fit the SASEUL ledger, which anyone can join by mining and where fees are paid in SL.

The 2023 announcement says whether something is a security is decided case by case, based on what the right actually is. It said the responsibility for that judgment, and for following the securities rules, lies with whoever issues or handles it.

Has anyone actually done it?

For real estate, yes. On December 18, 2019, the FSC designated Kasa Korea's blockchain-based real estate beneficiary certificate service as an innovative financial service. That's a program in Korea that lets a new financial service be tested for a set period with some rules eased (a regulatory sandbox).

According to the FSC's February 13, 2026 document, 6 companies got this exemption for fractional investment from 2019 to 2024. For real estate, there are Kasa Korea (launched September 2020), Lucentblock (launched April 2022) and Fundblock Global (launched June 2022). There were also music royalties, loan receivables and aircraft engines.

Art took a slightly different route. The FSC's January 2026 document says securities that split art and Korean beef (hanwoo) businesses into pieces are being issued.

On December 13, 2023, the FSC gave the Korea Exchange an exemption that lets it open a market for fractional investment securities like art and copyrights. The September 4, 2026 document only says the Korea Exchange can open this market if needed.

Gold is already bought and sold in small amounts without a blockchain. The Korea Exchange's gold market opened on March 24, 2014 and allowed trading in 1g units. I couldn't find any announcement that financial regulators approved a product that splits gold into security tokens.

Four date cards on a board, linked by arrows. 2023.02.06 building pieces, 2026.01.15 law book, 2026.09.04 linked block ledger, 2027.02.04 building with people walking in (navy highlight)
The path of the security token system, drawn as a picture. Plan announced (February 6, 2023) → law passes the National Assembly (January 15, 2026) → policy direction and ledger standards guide (September 4, 2026) → law set to take effect (February 4, 2027).
Date What happened (Financial Services Commission documents)
February 6, 2023 Plan for issuing and trading security tokens announced
January 15, 2026 Revisions to the Electronic Securities Act and the Capital Markets Act pass a plenary vote in the National Assembly
February 2026 Revised Electronic Securities Act promulgated
February 13, 2026 Preliminary approval for 2 OTC exchanges for fractional investment (places that trade fractional investment securities, like pieces of buildings; not related to SASEUL)
September 4, 2026 Security token policy direction announced
February 4, 2027 Law set to take effect

I couldn't find the revised enforcement decree with the detailed rules in the FSC's press release list on September 29, 2026. According to news reports, the 2 OTC exchanges applied to the FSC and the Financial Supervisory Service for final approval on August 10, 2026. As of September 30, 2026, there was no announcement of final approval in the press releases of the FSC or the Financial Supervisory Service.

What should you watch out for?

Security tokens are still an investment. If the building loses value or the business doesn't go well, you can lose money. The blockchain ledger only protects the record of who owns how many pieces. It doesn't protect the building's price.

You might not be able to sell right away when you want to. According to the FSC's February 2026 document, the resale channels of the 4 exempted companies that had launched services traded about 14.5 billion KRW in total over all of 2024, counted on the buying side. The FSC called it a small market.

The 6 companies mentioned earlier are all the ones that got the exemption. The 4 are the ones the same document says actually launched services.

From now on, pieces will trade on OTC exchanges (places outside the stock exchange where pieces are bought and sold; not related to SASEUL). The FSC said that for regular investors, the amount bought in a year minus the amount sold will be capped at 100 million KRW per exchange.

If what's first written down is wrong, the ledger stays wrong too. Whether the building really exists and whether the contract is right has to be checked outside the ledger, by people and institutions.

Putting something on just any blockchain doesn't make it a security token either. The Korea Securities Depository's ledger standards guide (September 2026) bans creating or passing around coins used for fees while processing securities records. The FSC said brokering security tokens without a license breaks the law.

What kind of blockchain SASEUL is, see SASEUL basic facts. What SASEUL coin is used for right now is in What Is SASEUL Coin (SL) Used For?. The 6-of-9 signatures are explained in SASEUL's two-ledger structure.

Sources

7 Financial Services Commission documents and the attached guide, SASEUL's official docs and the CoinMarketCap description were all opened and checked directly on September 29, 2026. On September 30, 2026, I also checked SASEUL's official docs (Node Overview), the official GitHub examples, notice #13, 2 news articles on the OTC exchanges and searches of the FSC's and the Financial Supervisory Service's press releases.

Finished reading? These go well with it