By the grace of God, the goodwill of the denizens of Joseon, and the consent of the Joseon Sovereign, this Act, known as the “Internet Capital Markets Act of 2026,” is hereby enacted as follows:
1. Preamble
1.1. Recognizing that Companies registered within Joseon under the Joseon Companies Act of 2023 issue shares represented as tokens on the Joseon Blockchain, and that the prosperity of the nation and its denizens is advanced by providing transparent, accessible, and algorithmically governed mechanisms for the public offering and price discovery of such tokens, this Act establishes the legal framework for Internet Capital Markets within the jurisdiction of Joseon.
1.2. This Act shall be read in conjunction with the Joseon Companies Act of 2023, the Security and Exchange Control Act of 2023, the Blockchain and Currency Act of 2023, and the Treasury Act of 2023.
2. Definitions
2.1. “Internet Capital Markets” (ICM) shall refer to the system of smart contracts, protocols, and regulated platforms operating on Approved Blockchains through which Companies may conduct public offerings of their share-tokens.
2.2. “Initial Public Offering” (IPO) shall refer to the first offering of a Company’s share-tokens to the public through a Registered Launchpad.
2.3. “Bonding Curve” shall refer to a mathematically defined, autonomous pricing function encoded in a smart contract on an Approved Blockchain that deterministically sets the price of a share-token as a function of its circulating supply, and which facilitates both the minting of new tokens upon purchase and the burning of tokens upon sale against a Reserve Pool.
2.4. “Reserve Pool” shall refer to the pool of collateral assets — denominated in Bridged JSM, Mun, or other Accepted Currencies — held within the Bonding Curve smart contract to provide continuous liquidity for the buying and selling of share-tokens.
2.5. “Reserve Ratio” shall refer to the proportion of total token market capitalization that is held in the Reserve Pool, determining the price sensitivity of the Bonding Curve.
2.6. “Registered Launchpad” shall refer to a platform registered with the Joseon Security and Exchange Commission (SEC) that is authorized to host IPOs via Bonding Curves on an Approved Blockchain.
2.7. “Curve Parameters” shall refer to the mathematical constants and configuration of a Bonding Curve, including but not limited to: the curve type, initial token price, Reserve Ratio, supply caps, phase transitions, and multi-currency pricing logic.
2.8. “Graduation” shall refer to the process by which a Company’s share-tokens transition from a Bonding Curve to listing on a registered exchange.
2.9. “Issuer” shall refer to the Company conducting an IPO.
2.10. “Approved Blockchain” shall refer to any blockchain network approved by the Ministry of Technology for the deployment of Bonding Curve smart contracts under this Act. The Joseon Blockchain and the Solana blockchain shall be Approved Blockchains upon enactment. Additional blockchains may be approved by the Ministry of Technology in consultation with the Joseon SEC.
2.11. “Bridged JSM” shall refer to a Treasury-administered digital instrument issued on an Approved Blockchain other than the Joseon Blockchain, representing a claim against reserves managed under the authority of the Joseon Treasury. Bridged JSM may be supported by reserves denominated in Mun or other assets as disclosed by the Treasury. The exchange relationship between Bridged JSM and Mun shall be determined exclusively by Treasury policy and disclosed administrative mechanisms. No statutory parity, fixed exchange rate, guaranteed peg, presumption of equivalence, or automatic conversion right between Bridged JSM and Mun shall be implied by its issuance. Redemption, if offered, shall occur solely pursuant to Treasury-defined procedures and may be subject to fees, conversion determinations, delays, liquidity constraints, or policy adjustments at the discretion of the Treasury.
2.12. “Accepted Currency” shall refer to any digital currency that a Bonding Curve smart contract accepts for the purchase of share-tokens. Bridged JSM shall be a mandatory Accepted Currency on all Approved Blockchains. Additional Accepted Currencies may be permitted as determined by the Joseon SEC.
3. General Provisions
3.1. Any Company duly registered under the Joseon Companies Act of 2023 shall be eligible to conduct an IPO of its share-tokens through a Registered Launchpad, subject to the provisions of this Act.
3.2. All IPOs conducted within the jurisdiction of Joseon shall utilize a Bonding Curve smart contract deployed on an Approved Blockchain as the primary mechanism for price discovery and liquidity.
3.3. The Joseon SEC shall have supervisory authority over all Internet Capital Markets activities.
3.4. The Ministry of Technology shall certify and audit all Bonding Curve smart contracts deployed under this Act.
3.5. The Joseon Blockchain shall serve as the canonical chain of record. Where a Bonding Curve is deployed on another Approved Blockchain, material events shall be recorded via certified cross-chain attestation.
6A. Cross-Chain Operations and JSM Administration
6A.1. Every Bonding Curve deployed under this Act shall accept Bridged JSM as a currency for the purchase of share-tokens.
6A.2. Additional currencies may be accepted alongside Bridged JSM subject to approval by the Joseon SEC. Multi-currency transactions shall be processed through unified pricing logic using SEC-approved oracles.
6A.3. The Joseon SEC may require that a minimum percentage of each Bonding Curve’s Reserve Pool be denominated in Bridged JSM. Such requirement shall serve monetary coordination and policy objectives and shall not imply parity or equivalence with Mun.
6A.4. The Joseon Treasury shall deploy and maintain the official bridge contract between the Joseon Blockchain and each Approved Blockchain. The bridge shall maintain publicly verifiable reserve disclosures, be audited and certified, publish supply and reserve reports, and serve as the sole authorized mechanism for issuance and redemption of Bridged JSM.
6A.5. Any redemption mechanism shall operate solely under Treasury authority and shall not constitute a guarantee of value or fixed rate of exchange.
6A.6. No entity other than the Joseon Treasury shall issue or represent any token as a representation of Mun on any Approved Blockchain.
Monetary Clarification Clause
Nothing in this Act shall be interpreted as establishing a statutory peg, guaranteed exchange rate, automatic equivalence, sovereign guarantee of price stability, or mandatory conversion ratio between Bridged JSM and Mun.
Bridged JSM shall operate as a floating, Treasury-governed digital monetary instrument whose valuation and redemption conditions are determined exclusively by Treasury policy.
13. Amendments and Effect
13.1. This Act may be amended by the Council of Dignitaries, Elders, and Revisionists (CODERS) in accordance with established legislative processes and with the approval of the Joseon Sovereign.
13.2. This Act shall come into force upon enactment in the year 2026 and shall apply to all Internet Capital Markets activities from that date forward.