Seoul, Korea – Dec 4, 2023 – (SeaPRwire) – INF Consulting (a member of the ITCen Group) and ITCen are set to build a $10 million USD sized securities tokens system for Hana Securities. The announcement was made on November 9th as INF Consulting and ITCen announced that it has been selected as the main contractor for the construction of the security token system for Hana Securities.
INF Consulting emphasized the significance of this project, noting that it marks a milestone as South Korea’s first and most extensive Security Token Offering (STO) system construction project led by a securities broker company in the country.
In February 2023, the South Korea Financial Services Commission (FSC) unveiled the “Security Token Issuance and Circulation Regulatory System Improvement Plan” to establish criteria for evaluating securities. Additionally, proposed amendments to the Capital Market Act and the Electronic Securities Act are under consideration in the South Korea National Assembly, aiming to revamp the system for security token issuance and circulation.
After receiving preliminary consulting from INF Consulting in July to build an STO platform, Hana Securities plans to prepare for a full-fledged STO business by selecting INF Consulting and ITCen as the main business provider. Through the construction business, a platform covering all areas of token securities from issuance to circulation will be built by the second half of next year.
INF CryptoLab (a subsidiary of INF Consulting responsible for all crypto-related business) will support the construction of an advanced token securities system through organic technical collaboration with global mainnet companies and bridge companies in this process.
Being the pioneer among South Korean securities firms to invest in the future of token securities, Hana Securities has attracted considerable attention. Following suit, Mirae Asset Securities and KB Securities are on the verge of finalizing plans to establish their own STO platforms.
Teo, CEO of INF CryptoLab, expressed, “This initiative by INF Consulting aims to forge blockchain-linked digital asset financial services by blending Hana Securities’ core system with a cutting-edge token securities platform. This venture marks a significant milestone within the South Korean market, signifying the convergence of Web2 and Web3 financial services. As Hana Securities’ partner in the STO business, we are committed to supporting them in solidifying their position as a premier digital financial platform within the local financial landscape.”
In South Korea, STOs are gaining attention with crypto regulations easing up and an increasing number of financial companies are stepping toward the RWA market.
Brand: INF CryptoLab
Contact: HS Lee
SOURCE: INF CryptoLab
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