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FollowingKakaoPay Securities joins hands with Dinari and Ondo Finance to explore the listing of South Korean stocks and launch them into global markets.
South Korean brokerage firm KakaoPay Securities has entered into a partnership with tokenization companies Dinari and Ondo Finance to study the possibility of listing South Korean listed stocks and provide relevant services to investors in international markets.
Details and scope of cooperation
KakaoPay announced on Tuesday that it has signed cooperation agreements with Dinari and Ondo respectively. These collaborations include sourcing basic Korean stocks, building tokenization infrastructure, and evaluating potential distribution channels outside South Korea.
Under the framework of cooperation with Dinari, the two parties will launch a proof-of-concept project to apply Dinari's dShares tokenization model to the South Korean stock market. The dShares framework aims to preserve basic rights of shareholders, including dividend distribution rights and voting rights.
Dinari is headquartered in the United States and currently offers 724 tokenized U.S. stocks and ETF products through dShares. Through this new cooperation, KakaoPay and Dinari are exploring whether the model can be expanded to include South Korean listed stocks as the underlying assets.
Dinari CEO Gabe Otte said that the current proof-of-concept phase has not yet involved any specific Korean company and there is no timetable for commercial promotion. According to Otte, the model will use stocks actually listed on the Korean market as underlying assets, rather than just tokens that track stock price performance.
Otte emphasized that the focus of the initiative is to use locally listed South Korean shares as the underlying asset, rather than issuing tokens that only follow their price fluctuations.
在Ondo Finance的合作项目中，KakaoPay将首先致力于建立韩国股票的来源及持有框架，然后再进行代币化。这包括管理一个用于托管和管理底层股份的“总账账户”（Omnibus Account），以便为外国投资者提供服务。
双方还将共同研究代币的发行与赎回机制。然而，KakaoPay和Ondo均表示，实现韩国股票代币化商业化的计划，将取决于韩国及其他外部市场的监管批准和法律考量。
术语解释：
总账账户（Omnibus account）：由经纪商或托管人持有的账户，合并了多个客户的证券，通常用于简化管理并促进外国投资。
韩国的监管环境
这些举措正值韩国推进代币化证券的监管准备工作之际。今年1月，韩国国会通过了证券法规修正案，正式承认分布式账本技术作为证券登记册的合法形式，并允许发行和流通代币化证券。
金融服务委员会（FSC）在今年6月表示，开发代币证券基础设施将是韩国资本市场现代化更广泛努力的一部分。新的监管框架预计将于2027年2月生效。与此同时，韩国证券托管院（KSD）正在构建系统，将其证券账户基础设施连接至基于区块链的网络。
全球代币化股票趋势
Gabe Otte评论称，市场对代币化股票的兴趣日益增长，但目前关于韩国需求规模尚无任何定论。
RWA.xyz的数据显示，截至2026年9月，代币化股票的总分布价值约为32亿美元。大部分市场活动集中在美国公司和交易所交易基金（ETF）的代币化版本上，例如英伟达（Nvidia）、特斯拉（Tesla）、Circle和Strategy的股份，以及主要美国股票ETF。
综上所述，KakaoPay证券及其合作伙伴正致力于使韩国有可能加入不断扩大的国际代币化股票市场，但这将取决于监管政策的发展动态。
