Digital assets are no longer confined to the coin sector, and they are expected to evolve by integrating with traditional financial infrastructure. Choi Yun-young, head of Hanwha Investment & Securities’ Digital Asset Research Team, identified ‘integration with traditional finance’ as the next phase of the digital asset market in an interview with Aju Economy on March 16. In particular, tokenized securities (STO) and tokenization of real-world assets (RWA) are seen as the key areas connecting the traditional financial system with blockchain.
Choi leads the Digital Asset Research Team, which operates directly under the firm’s Research Center, and analyzes how blockchain-based financial infrastructure such as stablecoins, STOs, and RWAs could affect the capital markets. He said the team views digital assets as a new asset class linked to traditional finance, and researching how blockchain-based infrastructure could reshape the capital markets is central.
The digital asset market, he says, is entering a transition toward inclusion in regulated finance. He noted that coin-centric views have given way to active participation by financial institutions and payment firms, linking digital assets with traditional finance. RWA is identified as a core area for future changes, with tokenized securities involving issuing and trading on blockchain, while RWAs tokenize real assets such as real estate.
These two areas are expected to bridge traditional finance and digital assets, a trend already visible in global markets. In the United States, efforts to integrate blockchain into financial infrastructure — including exchanges and depositories — are advancing, with Nasdaq and crypto exchange Kraken pursuing tokenized-stock platforms, signaling market infrastructure is being formed. Payments infrastructure is also shifting, with Mastercard and other global payment firms pursuing blockchain-based payment and settlement projects, and stablecoins likely to play a growing role in global payments.
Choi projects that tokenized securities trading could meaningfully emerge within about three years in countries with mature regulation and infrastructure. He cautions that domestic Korea requires further regulatory groundwork; while STOs have entered the regulated space, a clearer framework such as a digital asset basic law is needed to foster growth.
Digital asset markets move quickly and carry a lot of unverified information, underscoring the need for objective, systematic analysis from financial institution research teams. His personal goal is to build the most trusted digital asset research organization in Korea.
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