Kakaopay Securities has entered into separate agreements with Dinari and Ondo Finance to investigate the tokenization of Korean-listed equities. The initiative aims to enable the distribution of these assets to international investors. The companies plan to focus on sourcing underlying shares, building tokenization infrastructure, and establishing distribution channels outside South Korea.
The collaboration with Dinari involves a proof of concept utilizing the dShares model, which aims to maintain shareholder rights like voting and dividends. Dinari currently supports 724 tokenized US stocks and ETFs. CEO Gabe Otte confirmed that specific Korean companies for the pilot have not been selected, and no public timeline for commercial launch has been established.
The partnership with Ondo Finance focuses on creating a framework for the custody and sourcing of Korean shares. Kakaopay intends to manage a foreign investor omnibus account to hold these assets. Both parties are researching issuance and redemption processes, noting that commercialization depends on meeting legal and regulatory standards in South Korea and abroad.
These developments align with South Korea's evolving regulatory landscape. In January, the National Assembly approved amendments recognizing distributed ledgers as valid securities registries. The Financial Services Commission plans to implement a new framework for tokenized securities in February 2027, while the Korea Securities Depository works on blockchain-based infrastructure.
