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Shinhan Asset Management to test KRW tokenized fund issuance on Solana
The proof-of-concept will model KNW, anti-money laundering, security audits, and onchain liquidity before any KRW ultra-short-term bond fund is tokenized.
Shinhan Asset Management, which oversees more than $96 billion, said it has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to develop a proof-of-concept for a Korean won-denominated tokenized fund, according to The Block.
The initiative would model the structure after BlackRock's tokenized fund BUIDL, with overseas institutional investors purchasing a KRW ultra-short-term bond fund managed by Shinhan, and the fund holdings then issued in tokenized form.
In the proof-of-concept, the partners plan to examine know-your-customer and anti-money laundering frameworks aligned with domestic and international rules, along with security audits, blockchain operations, regulatory compliance, and onchain liquidity design.
The Block reported that the effort follows South Korea's National Assembly amendments passed in January to establish a legal framework for security token offerings, with the rules promulgated the next month and scheduled to take effect in February 2027. Shinhan CEO Lee Seok-won said the goal is to secure capabilities that can be activated immediately once the system is implemented.
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