Regulations Governing Securities Firms Article 45-1

Securities firms operating the business of proprietary trading of security tokens (virtual currencies that have the nature of securities), equity crowdfunding business, brokerage business for trading and exchanging beneficial certificates of funds, or proprietary trading of specific foreign bonds shall do so in accordance with applicable rules adopted by the TPEx.A securities firm that operates only security token proprietary trading business, equity crowdfunding business, brokerage business for trading and exchanging beneficial certificates of funds, or proprietary trading of specific foreign bonds is not subject to the provisions of Article 2, Article 5, Article 6, Article 13, Article 14, Article 18, Article 18-1, Article 21, Chapter V, and Chapter VI.