KCMC 2025
[Session 6] A New Investment Landscape with Digital Assets
Korean Security Token Market: Current Status and Future Outlook
[Presentation]
Bumjun Shin
CEO&Founder, Buysell Standards / Chairman,Token Securities Council Korea
Speaker Biography
Bumjun Shin is the CEO and founder of Buysell Standards Inc., established in 2019. Buysell Standards Inc. operates PIECE, a platform for fractional investment in physical assets. He also serves as the inaugural Chairman of the Token Securities Council Korea under the Korea Fintech Industry Association, representing industry perspectives to advance the development of Korea’s security token sector.
Speech Summary
This presentation examines the development and current status of Korea’s security token market as well as its regulatory framework. In addition to conveying the industry’s proposals, it also explores practical pathways towards sound growth of the security token sector.
Bumjun Shin
CEO&Founder, Buysell Standards / Chairman,Token Securities Council Korea
Overview on Security Token Market in Japan
[Presentation]
Kimio Mikazuki
Representative Director and President, Osaka Digital Exchange
Speaker Biography
Graduated with a Bachelor of Arts in Economics from the Nagoya University After building a basic knowledge and experiences in corporate finance at Aozora Bank, he was involved in a wide range of venture and acquisition investments at ITX (a former Nissho Iwai IT-related business and investment company). He was also involved in the management of IT companies after their acquisition, gaining knowledge in both finance and corporate management. He managed the cryptocurrency exchange business at BITPoint Japan, then moved to SBI Securities to lead Japan's first public Security Token Offering (STO). He has been the CEO of Osaka Digital Exchange since 2021. He served as the ICO/STO Division Chair at JCBA from 2019 to 2020. He has been a JSTA director since April 2024.
Speech Summary
How the security token market is working in Japan from the structure/product/primary market/secondary market as well as the regulatory framework perspective.
Kimio Mikazuki
Representative Director and President, Osaka Digital Exchange
Tokenisation Transforms Capital Markets
[Presentation]
Shurong Li
Head of Marketing, Tokeny
Speaker Biography
Shurong Li is Head of Marketing at Tokeny, a leading on-chain finance platform and part of Apex Group, a global financial services provider with over 13,000 people across 112 offices in 52 countries. With a background in Computer Science and seven years of deep involvement in tokenisation, she is a trusted expert in the domain, contributing insights to industry reports alongside institutions such as Big 4. At Tokeny, she leads education-driven strategies that help asset managers, administrators, investment banks, and financial institutions understand how tokenisation makes assets move faster, reach broader distribution, and unlock new revenue. She also advises the non-profit ERC-3643 Association, advancing the market standard for compliant, interoperable tokenisation to eliminate silos.
Speech Summary
This presentation will explain why tokenisation matters and how it works in practice. It will cover how compliance challenges are being solved, the role of the open-source ERC-3643 market standard, and the key components required for a tokenisation platform. A real use case on tokenised money market funds will demonstrate the benefits, equipping the audience to move forward with tokenisation adoption.
Shurong Li
Head of Marketing, Tokeny
Tokenisation: The Road to Mainstream Adoption in Capital Markets
[Presentation]
Dennis Hoenig
Regional Director, APAC, Kaleido
Speaker Biography
Dennis Hoenig currently serves as Regional Director, APAC for Kaleido, a blockchain/web3 infrastructure provider for enterprise. In this role he serves as a trusted advisor for multiple reserve and international banks, asset managers and global exchanges in all things Web3, including blockchain, tokenisation and digital assets,. He has 25+ years experience building from the ground up large scale core financial systems and market infrastructure, including 6 years leading digital assets for the Australia Securities Exchange (ASX). He has a deep understanding of the capital markets ecosystem and the unique opportunities and challenges of adopting and adapting blockchain technology into this space.
Speech Summary
If tokenisation of capital markets is the ultimate use case for blockchain why are we still waiting for it to happen? Dennis will highlight the opportunities that tokenisation presents and the challenges that need to be overcome before mainstream adoption in Capital Markets can occur at scale.
Dennis Hoenig
Regional Director, APAC, Kaleido
Steps to Advance the STO Market
[Moderator]
Sunyoung Park
Associate Professor, Economics Department / Dean, Office of International Affairs, Dongguk University
Speaker Biography
Sunyoung Park is an Associate Professor of Economics and the Dean of International Affairs at Dongguk University. She earned her B.A. in Economics from Seoul National University and received her M.A. and Ph.D. in Economics from Yale University. Before joining Dongguk University, she was an assistant professor at KAIST and a research fellow of the Korea Capital Market Institute. She contributes to policy discussions regarding digital assets as a member of the 「Private-Public Joint Taskforce on Digital Asset」 established under the leadership of the FSC and as an advisory member of the Bank of Korea’s 「Money & Banking Future Forum」.
Sunyoung Park
Associate Professor, Economics Department / Dean, Office of International Affairs, Dongguk University
Steps to Advance the STO Market
[Panelist]
Bumjun Shin
CEO&Founder, Buysell Standards / Chairman,Token Securities Council Korea
Speaker Biography
Bumjun Shin is the CEO and founder of Buysell Standards Inc., established in 2019. Buysell Standards Inc. operates PIECE, a platform for fractional investment in physical assets. He also serves as the inaugural Chairman of the Token Securities Council Korea under the Korea Fintech Industry Association, representing industry perspectives to advance the development of Korea’s security token sector.
Bumjun Shin
CEO&Founder, Buysell Standards / Chairman,Token Securities Council Korea
Steps to Advance the STO Market
[Panelist]
Dennis Hoenig
Regional Director, APAC, Kaleido
Speaker Biography
Dennis Hoenig currently serves as Regional Director, APAC for Kaleido, a blockchain/web3 infrastructure provider for enterprise. In this role he serves as a trusted advisor for multiple reserve and international banks, asset managers and global exchanges in all things Web3, including blockchain, tokenisation and digital assets,. He has 25+ years experience building from the ground up large scale core financial systems and market infrastructure, including 6 years leading digital assets for the Australia Securities Exchange (ASX). He has a deep understanding of the capital markets ecosystem and the unique opportunities and challenges of adopting and adapting blockchain technology into this space.
Dennis Hoenig
Regional Director, APAC, Kaleido
Steps to Advance the STO Market
[Panelist]
Shurong Li
Head of Marketing, Tokeny
Speaker Biography
Shurong Li is Head of Marketing at Tokeny, a leading on-chain finance platform and part of Apex Group, a global financial services provider with over 13,000 people across 112 offices in 52 countries. With a background in Computer Science and seven years of deep involvement in tokenisation, she is a trusted expert in the domain, contributing insights to industry reports alongside institutions such as Big 4. At Tokeny, she leads education-driven strategies that help asset managers, administrators, investment banks, and financial institutions understand how tokenisation makes assets move faster, reach broader distribution, and unlock new revenue. She also advises the non-profit ERC-3643 Association, advancing the market standard for compliant, interoperable tokenisation to eliminate silos.
Shurong Li
Head of Marketing, Tokeny
Steps to Advance the STO Market
[Panelist]
Kimio Mikazuki
Representative Director and President, Osaka Digital Exchange
Speaker Biography
Graduated with a Bachelor of Arts in Economics from the Nagoya University After building a basic knowledge and experiences in corporate finance at Aozora Bank, he was involved in a wide range of venture and acquisition investments at ITX (a former Nissho Iwai IT-related business and investment company). He was also involved in the management of IT companies after their acquisition, gaining knowledge in both finance and corporate management. He managed the cryptocurrency exchange business at BITPoint Japan, then moved to SBI Securities to lead Japan's first public Security Token Offering (STO). He has been the CEO of Osaka Digital Exchange since 2021. He served as the ICO/STO Division Chair at JCBA from 2019 to 2020. He has been a JSTA director since April 2024.
Kimio Mikazuki
Representative Director and President, Osaka Digital Exchange
The Future of Crypto: Where are we heading to?
[Presentation]
Kevin Quigg
Vice President/Head of Index Sales, NASDAQ
Speaker Biography
Kevin Quigg is Nasdaq’s Head of Index Sales and a seasoned financial expert with over two decades of experience in the wealth management and ETF industries. Prior to joining Nasdaq Kevin was the Head of US Consultant Relations at FTSE Russell. His career includes significant roles at leading firms such as State Street Global Advisors, Barclays Global Investors and the London Stock Exchange Group. Kevin’s journey in the ETF industry began at SSgA, where he played a pivotal role in the distribution and growth of SPDR ETFs. At Barclay's he contributed to the expansion of the iShares product line before returning to SSgA to spend 10 years focusing on ETF capital markets and research as Global Head of ETF Strategy. His tenure at Exponential ETFs as Chief Strategist saw him spearheading innovative ETF solutions, emphasizing smart beta and factor-based investing strategies at a start-up ETF provider. Throughout his career, Kevin has been instrumental in developing and implementing ETF strategies, conducting in-depth market research, and fostering relationships with key stakeholders in the financial industry. His expertise in ETF distribution, research, and capital markets has led to him being featured in various media outlets including CNN, Bloomberg and the Financial Times. Kevin is a graduate of The College of the Holy Cross.
Speech Summary
In this keynote, Kevin Quigg, Nasdaq’s Head of Index Sales, will address the local audience in South Korea with insights in crypto as an investible asset class – what’s the latest regulatory framework in the U.S. and the latest in the crypto space globally. Kevin will also discuss how ETPs can offer a more efficient and strategic exposure to crypto, helping investors optimize their asset allocation.
Kevin Quigg
Vice President/Head of Index Sales, NASDAQ
Index Methodology for Digital Asset Indices for ETPs
[Presentation]
Sui Fung Chung
CEO, CF Benchmarks
Speaker Biography
Sui is the Founding CEO and Chairman of the Board of CF Benchmarks. Leading the business since its formation in 2018, Sui has been responsible for the firm’s overall strategy and its execution. Prior to his role at CF Benchmarks, Sui spent 16 years in the traditional financial data sector with Euromoney Institutional Investor PLC.
Speech Summary
CF Benchmarks has built its reputation on a clear core philosophy: designing world-class crypto asset indices with transparency, precision, and integrity. By standardizing calculation methodologies, strengthening the stability and reliability of information flows, and fostering close collaboration with leading institutions, CF Benchmarks has established itself as a trusted authority in the digital asset and ETF markets. This keynote will highlight how these principles, shaped by years of practical experience and accumulated expertise, continue to guide CF Benchmarks in setting global standards for index construction and benchmarking in the evolving world of crypto finance.
Sui Fung Chung
CEO, CF Benchmarks
Global Perspectives on Introducing Crypto ETPs
[Moderator]
Michael Elko
Head of Market Specialist,
Hong Kong, Bloomberg
Speaker Biography
A 18-year Hong Kong financial services industry veteran, Michael Elko is currently the Head of Market Specialists in Hong Kong at Bloomberg L.P. In this role, Michael contributes to the development of Bloomberg's equity & digital asset product and sales strategies. Prior to Bloomberg, Michael began his career within equities at Credit Suisse, where he worked within a leading quantitative analysis platform, HOLT and in equities sales. Since coming to Bloomberg in 2017, Michael worked in sales development across portfolio analytics, index and enterprise sales divisions prior to taking his current role. Michael graduated from Northeastern University with a B.S. in Finance and International Business. He is an active member philanthropy community, in particular the American Club Foundation of Hong Kong.
Michael Elko
Head of Market Specialist, Hong Kong, Bloomberg
Global Perspectives on Introducing Crypto ETPs
[Panelist]
Jongbaek Park
Partner Lawyer, Bae, Kim & Lee
Speaker Biography
Jong Baek Park is a leading expert in blockchain, digital assets, financial transactions and regulation with more than 30 years of legal experience in the financial and capital markets sector. He earned his LL.M. from the London School of Economics and Political Science (LSE) and holds both bachelor’s and master’s degrees in law from Seoul National University. Mr. Park currently serves as a member of the Financial Services Commission’s Digital Asset Task Force (2023–present) and as Vice President (since 2021) and Chair of Academic Affairs (since 2019) at the Blockchain Law Society. He has also served as a member of the Busan Blockchain Regulation-Free Zone Committee (2019–2023) and as a non-executive director of the National Pension Service (2014–2018). His notable advisory work includes providing legal counsel to the Bank of Korea’s pilot CBDC project, as well as advising global digital asset firms such as Circle, Tether, Solana, dYdX, and Ledger on their market entry into Korea.
Jongbaek Park
Partner Lawyer, Bae, Kim & Lee
Global Perspectives on Introducing Crypto ETPs
[Panelist]
Tom Bailey
Head of ETF Trading, APAC, Optiver
Speaker Biography
Tom Bailey is the Head of ETF Trading at Optiver for the Asia Pacific Region. He joined the firm in 2014 and is currently based in Sydney, Australia. Tom holds extensive experience in trading the Chinese, Hong Kong, Korean and Japanese markets, and has played a pivotal role in expanding Optiver’s Institutional ETF business. In addition to being an on-screen market maker for exchanges, Optiver has significantly developed its ETF trading capabilities over the past few years, increasing its coverage from 70 ETFs in 2021 to over 900 ETFs today. Tom graduated from the University of Melbourne with a bachelor’s degree in actuarial studies.
Tom Bailey
Head of ETF Trading, APAC, Optiver
Global Perspectives on Introducing Crypto ETPs
[Panelist]
Tim Brennan
Managing Director, Global Head of Capital Markets and Exchange Strategy, S&P Dow Jones Indices
Speaker Biography
Tim Brennan is Managing Director and Global Head of Capital Markets and Exchange Strategy for S&P Dow Jones Indices (S&P DJI). In this role, Tim focuses on how S&P DJI interacts with the various areas of capital markets with an emphasis on exchanges, liquidity and product issuance (exchange-traded derivatives [ETDs], exchange-traded products [ETPs]). Tim ensures that S&P DJI has a comprehensive strategy for how best to optimize its exchange collaboration, with the aim of getting S&P DJI branded ETDs and ETPs listed on the exchanges that satisfy the needs of our clients, liquidity providers and liquidity seekers. Prior to joining S&P DJI, Tim was the Chief Commercial Officer for ABN AMRO Clearing Chicago. It was in this role that balance sheet optimization became a primary focus. Previous to working in clearing, Tim held various roles in trading, market making, execution and industry advocacy across multiple asset classes for both the buy side and sell side. He was at the forefront of automated trading in the U.S. as a member of the team at Morgan Stanley that built the automated options market making business. After Morgan Stanley, Tim joined Citadel and was instrumental in starting the Citadel Execution Services business. Tim was a Managing Director at Merrill Lynch, where he was responsible for the options market making business. He also spent time at the NYSE, rounding out his education in trading and markets. Tim has extensive knowledge covering ETDs, ETPs, fx derivatives, market structure, algorithmic trading, clearing and exchanges. He is passionate about the benefits of transparency and open access in markets. Tim has served as a Director on the boards of the International Securities Exchange (ISE) and Boston Options Exchange (BOX). He holds the following licenses: 7, 63, 3, 4, 24, 55 and 56.
Tim Brennan
Managing Director, Global Head of Capital Markets and Exchange Strategy, S&P Dow Jones Indices
Global Perspectives on Introducing Crypto ETPs
[Panelist]
Angelina Kwan
CEO Stratford Finance Limited, Consultant to IMC Asia Pacific, IMC
Speaker Biography
Angelina is the CEO of Stratford Finance, senior Consultant to IMC Asia Pacific. She is an experienced financial services executive, having previously held senior management roles at organizations including Hong Kong Exchanges and Clearing Limited (HKEX), the Securities and Futures Commission (SFC), and Cantor Fitzgerald, CLSA, Dresdner Kleinwort Benson, and HG Asia/ABN AMRO. Angelina is particularly versed in the digital asset space, previously serving as the Global Chief Operating Officer of BitMex and the HashKey Group. In this capacity, she also consults for and advises brokerages, fund managers, and technology providers on regulatory and operational matters. Concurrently, Angelina lends her expertise to various Hong Kong Government Boards and committees, such as the New Business Committee of the Financial Services Development Council. She also chairs The Women's Foundation and serves on the boards of the Ebenezer School for the Blind, University of Wollongong Hong Kong, Web3 Harbour, as well as Chevalier HK and Zurich Life Insurance, Hong Kong.
Angelina Kwan
CEO Stratford Finance Limited, Consultant to IMC Asia Pacific, IMC
Global Perspectives on Introducing Crypto ETPs
[Panelist]
Derek Wang
Head of Sales & Client Services, Managing Director, Bosera Funds
Speaker Biography
Derek Wang had more than ten years of experience in the asset management industry with a focus on business development and institutional sales. He served as Head of Business Development at Harvest Asset Management, where he led strategic initiatives and expanded market presence. Before that, he worked at Invesco in institutional sales, engaging with major asset owners across the region. He also held the role of Vice President at CSOP, supporting product development and distribution growth. His career demonstrated strong expertise in ETFs and investment solutions, contributing to the advancement of the asset management industry
Derek Wang
Head of Sales & Client Services, Managing Director, Bosera Funds