Plume and Shinhan will test a KRW-denominated tokenized fund using ultra-short-term bond assets offshore only.The proof of concept will not issue or distribute tokens and excludes Korean residents entirely.South Korea’s security token amendments passed in January and take effect on February 4, 2027.Shinhan and Plume will test whitelist controls, KYC, AML, and onchain operating requirements together offshore.Kimber Transfer Agency filed its SEC transfer agent registration in August 2025, accepted in September.