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FollowingShinhan Asset Management has been approved to serve as a "Super Verification Node" of Canton Network to accelerate the deployment of tokenized finance
According to a report by the Seoul Economic Daily, Shinhan Asset Management announced on September 14 that it has received final approval to become the "Super Validator" of Canton Network. Canton Network is a blockchain network for institutional investors. Its participants include world-renowned financial institutions such as Nasdaq, Depositary Trusts and Clearing Corporation (DTCC) and Goldman Sachs. The subsidiary of Shinhan Financial Group, one of South Korea's largest financial groups, will first carry out testing of tokenization technology within the compliance framework and will not be officially put into operation until relevant domestic regulations are clarified.
Core functions of super verification nodes
"Super verification nodes" are responsible for verifying transaction records on the blockchain to maintain stable operation of the network and participate in key policy decisions. Through this role, Shinhan Asset Management can participate in network operations without directly holding digital assets. Currently, organizations such as Fireblocks and Ledger have joined the Canton Network in the same capacity. These regulated institutions together form a super-verification node group to assist in governance and ensuring network security. This model aims to attract traditional financial institutions to participate in online settlement, reflecting the Canton Foundation's vision to promote industry integration.
From signing of MOU to final approval
This approval marks the deepening of cooperation between the two sides. Previously, Shinhan Asset Management and the Canton Foundation signed a memorandum of understanding in June. During this period, the two sides held multiple rounds of negotiations on the role of New Korea's assets in the alliance and terms of participation, and recently successfully concluded relevant consultations. An official at New Korea Asset Management said: "We have successfully completed negotiations with the Canton Foundation on detailed terms of cooperation. We will continue to pay attention to the dynamics of domestic regulations and be fully prepared for tokenization and digital finance business."
Waiting for the implementation of South Korea's tokenized securities regulations
Before South Korea's laws and supporting rules on tokenized securities are officially promulgated, the New Korea Asset Management Plan will focus on Proof-of-Concept work on tokenized technologies and services. Once the financial regulatory agency issues specific guidelines, the agency plans to start formal business in stages within the permitted scope. The Canton Network was originally designed to connect different financial systems and assets while limiting the scope of disclosure of transaction information. Its existing participants also include international giants such as HSBC and BNP Paribas.
Shinhan Financial Group stated that its affiliated institutions, including Shinhan Securities and Shinhan Fund Partners, will also consider participating in the project, with Shinhan Asset Management taking the lead in promoting it. As Canton Network continues to delve into the regulated field of real-world asset tokenization, more and more institutions are joining it, further consolidating its leading position in the financial technology field.
