Dunamu’s Kim Hyung-nyun Says Stock Tokenization Is Technically Ready, Urges Swift Rules

'Painful to See Samsung, SK Hynix Tokens Trade Overseas'

Concern Over Reward Competition in Dollar Stablecoins

Kim Hyung-nyun, vice chairman of Dunamu, urged regulators to move quickly on a framework for stock tokenization in South Korea, saying securities firms, financial companies and Dunamu have already completed the necessary technical preparations. With tokenized products tied to shares of Korean companies beginning to trade overseas first, he said conditions should be put in place for the business to operate at home as well.

Kim made the remarks during a special discussion at D-CON 2026 at the Fairmont Ambassador Seoul in Yeouido on Nov. 10. “From the standpoint of someone who runs an exchange, it is painful to see Samsung Electronics and SK Hynix trading on overseas exchanges,” he said.

He said the technology can be implemented in South Korea, but institutional constraints are preventing the business from launching. Kim said it was frustrating that Korean investors can use leverage and trade around the clock on overseas exchanges through products tied to Korean stocks. If regulations permit it, or conditions are put in place for the business, Dunamu is ready to roll out what it has prepared.

He said the company is continuing to study what it can do with traditional financial institutions and is applying for regulatory sandbox approvals across several business areas. Kim also said it was disappointing that domestic discussions on tokenization remain stuck on older issues such as the distinction between private and public blockchains.

He also raised concerns that rewards for holding dollar stablecoins could reduce demand for the won. If users can earn returns while holding dollar stablecoins, they would have less reason to convert back into the Korean currency, he said.

“If users can keep dollars in a wallet and earn interest-like returns, they will continue to hold dollars and only use them when needed,” Kim said, adding that U.S. stablecoin issuers are already knocking on the doors of Korean exchanges.

He said that if users can hold dollar stablecoins in personal wallets and receive interest-like rewards, a heavier tilt toward the dollar could deepen further. That makes it important to think through the issue collectively and prepare the technology as well, he added.

Kim said the design of a won stablecoin could draw on the existing deposit system used by exchanges. “The way exchange deposits are managed is set out under the user protection law, and the interest generated is also paid back to customers as usage fees,” he said. “If we study a realistic structure and apply the technology, it can be developed into a stablecoin.”

As a way to strengthen the global competitiveness of domestic exchanges, Kim pointed to broader participation by nonresident foreigners. He said he hopes investors living in the U.S., Europe and Southeast Asia will also be able to use Korean exchanges. If a market is created where they can freely convert dollars into won and trade, that would create conditions for a further leap, he said.

He added that there are still many issues to address, including security threats. If a sound regulatory framework is put in place, Dunamu will do its best to expand into global markets as a company representing South Korea, he said.