Regulations Governing Centralized Securities Depository Enterprises Article 2

The term "centralized securities depository enterprise" (hereinafter, "CSDE") under these Regulations means an enterprise engaged in the business of providing securities custody, book-entry transfer, and registration of book-entry securities.A securities firm conducting the business of providing transfer and custody of security tokens (virtual currencies that have the nature of securities) with the approval of the Financial Supervisory Commission (FSC) in accordance with the proviso of Article 45, paragraph 1 of the Act shall not be deemed a CSDE under the preceding paragraph.The term "participant" under these Regulations means a person opening an account with a CSDE for deposit of securities and book-entry settlement.