South Korean brokerages are preparing for the February launch of security token offerings (STOs), while broader rules are expected next year, by combining private-placement products with investments in crypto exchanges, blockchain partnerships and issuance infrastructure. Early products may include private money market funds, high-grade private bonds and unlisted shares, followed by music rights, carbon credits, infrastructure and other alternative assets. Mirae Asset Group, Korea Investment & Securities and Hanwha Investment & Securities have taken stakes in major exchanges, while Samsung Securities is discussing cooperation with Dunamu. Firms are also choosing between proprietary systems and shared platforms, creating interoperability challenges as distributed ledgers proliferate. Market operators KDX and NXT are preparing over-the-counter venues for fractional investment products.