Shinhan Financial Group and Plume Network are developing pathways to take won-denominated real-world assets (RWA), or blockchain-based versions of traditional assets, into global markets as South Korea’s token securities framework is set to take effect in February next year. At a seminar hosted by Deloitte Korea and Tiger Research at IFC The Forum in Seoul’s Yeongdeungpo district on the 11th, speakers said institutional infrastructure—including regulatory status, legal structures, investor controls and distribution channels—will be more important than tokenization technology itself. Shinhan Investment Corp. and Shinhan Asset Management are pursuing K-BUIDL, a won-denominated initiative benchmarked against BlackRock’s BUIDL tokenized fund. Shinhan Asset Management selected money market fund (MMF) assets because their relatively stable net asset values and established custody, audit and valuation systems can simplify tokenization controls. The initiative will begin offshore to test demand and operational processes without directly conflicting with South Korean domestic distribution rules. Its proposed roadmap moves from won cash-equivalent assets for settlement and collateral, to collateral and decentralized distribution layers, and eventually to South Korean equities, bonds and alternative assets. Plume Network, which is conducting a proof of concept with Shinhan Asset Management for a won-denominated ultra-short-term bond fund, said won-based assets must progress through issuance, institutional infrastructure, yield and utility, and global distribution. The company cited dollar- and Brazilian real-based RWA markets as precedents, while stressing that South Korea’s regulatory framework will determine the pace of expansion. South Korea’s first tokenization phase will begin in February next year and cover institution-only private-placement MMFs, general corporate bonds and potentially unlisted shares. Speakers said overseas experience must be incorporated quickly, while profitability and demand could remain challenges if yields on major overseas tokenized products stay around 4% and interest rates decline.