Forum One
A senior policy forum on Korea's digital asset regulation.
Forum One is a standing circle of former Korean financial policymakers, supervisors, lawmakers and bankers. We help global digital asset firms understand how Korea's rules are made, test their plans early, and sit down with the right partners.
Market Challenges in Korea
Korea is one of the deepest digital asset markets in the world. It is also one of the hardest to enter without knowing how the system thinks.
Registration
VASP registration rewards structures that were built for it. Many foreign applicants find this out after the first rejection.
Banking
A real-name KRW account depends on what a bank's risk committee needs to see. Very few outsiders know what that is.
Moving rules
The Digital Asset Basic Act is still pending, and the FSC keeps issuing interim rules while it waits. Plans built on last year's assumptions break quietly.
Reading signals
Headlines report decisions after they are made. What helps is understanding the direction early enough to plan around it.
The Steering Council
Council members have held senior roles in the institutions that make, enforce and legislate Korea's financial rules, and at the top of its largest financial groups. We introduce them to members in person rather than on this page.
How the Council worksVASP registration
Registration requirements, renewal review, major shareholder suitability.
AML and Travel Rule
Internal controls, suspicious transaction reporting, Travel Rule set-up.
Financial policy and licensing
Entity structure, licensing routes, regulatory sandbox options.
Supervision and inspection
How inspections are prepared for and where sanction risk usually sits.
KRW banking and bank partnerships
Real-name account due diligence and how banks decide internally.
Legislation
The Digital Asset Basic Act, stablecoin bills and how they move through the Assembly.
Capital markets and STO
Tokenized securities and working with Korean securities firms.
FX and cross-border
Foreign exchange rules, remittance and settlement structures.
Regional programs
Blockchain special zones and work with local governments.
Media and reputation
How a foreign firm is read by Korean media and the public.
DeFi and on-chain
ExpandingHow decentralized services are read under current Korean rules.
Services
Each engagement ends with something you can use. Matters that need a legal opinion go to our partner law firms.
Services in detailKorea Entry Diagnostic
Work out which route into Korea fits your business before you commit money to one.
You receive
An entry route map, a comparison of entity, partnership and acquisition options, and a risk memo.
Pre-Filing Review
See your business model the way a reviewer will, while there is still time to change it.
You receive
A list of likely reviewer questions, a gap memo, and a mock Q&A session.
Banking Readiness
Understand what a Korean bank looks at before it opens an account or signs a partnership.
You receive
A gap analysis against typical bank due diligence and a preparation roadmap.
Policy Outlook
Context on where Korean policy is moving, drawn from public sources and read by people who know how it gets made.
You receive
Quarterly briefs, legislative scenarios and member briefing calls.
Closed-Door Gatherings
Small dinners and roundtables where the Council and members talk plainly.
You receive
Seats at quarterly dinners and invitations to topic roundtables.
Strategic Introductions
A first conversation with the right private-sector partner in Korea.
You receive
Introductions to banks, securities firms, licensed VASPs, law firms and accounting firms.
Supervisory Readiness
Get your controls in order before an inspection, not during one.
You receive
An internal control review and an inspection preparation checklist.
Process
Apply
Tell us who you are and what you want to do in Korea.
Fit call
A short call to confirm we are the right room for your questions.
Onboarding session
We map your plan against the sectors that matter and set priorities.
Ongoing access
Gatherings, briefs and reviews throughout the year.
Membership
All memberships are by application and reviewed by the Council. Terms are shared after the fit call.
Compare membershipsCircle
For firms exploring Korea
- One seat at each quarterly dinner
- Policy Outlook briefs and calls
- Member-only reports
Partner
Most chosenFor firms preparing to enter
- Everything in Circle
- One Entry Diagnostic or Pre-Filing Review per year
- Strategic Introductions
- Invitations to topic roundtables
Founding Member
A small number of long-term partners
- Everything in Partner
- Dedicated sessions through the year
- Co-host a roundtable
- Recognition as a founding member
Inaugural Dinner
Fifteen seats. Former policymakers, supervisors and bank chairmen on one side of the table. Global market makers, exchanges and funds on the other. The conversation covered virtual assets, stablecoins, banking partnerships and market entry.
Teams in attendance included B2C2, FalconX, Flowdesk, Wintermute, GSR, Caladan, Galaxy, OSL, KuCoin, Bitget, Backpack, Ripple, Talos, Pantera, Maelstrom and Hack VC.
Join the next tableAnnual Program
Quarterly dinners and topic roundtables, held under the Chatham House Rule. Dates and venues are communicated to members in advance.
Insights
Principles
These are the first thing your compliance team will ask about, so we put them up front.
Public information only
We interpret what is public. Nobody at Forum One shares non-public government information.
No representation before authorities
We do not contact regulators on a member's behalf or lobby for individual outcomes.
Legal advice through counsel
Anything that needs a legal opinion or a filing goes to licensed partner law firms.
Confidential by default
What members share in sessions stays in the room. Gatherings follow the Chatham House Rule.
Apply for Membership
Tell us about your firm and your plans for Korea. We reply to every application within 2 business days.
Email inquiries: forum@nordends.ch
Services by Stage
Exploring
You are deciding whether Korea is worth it and how you would get in.
Preparing
You have chosen a route and need to get filing and banking right.
Operating
You are licensed or close to it and want to stay ahead.
Korea Entry Diagnostic
For firms deciding whether and how to enter Korea.
Questions we help answer
- Should we register our own VASP, partner with a licensed one, or acquire?
- What does each route cost in time and capital?
- Which of our products can run in Korea at all?
You receive
- Entry route map
- Comparison of own registration, partnership and acquisition
- Risk memo graded by sector
How it runs
An intake questionnaire, two working sessions with the relevant Council sectors, then a written memo.
Where we stop
Legal structuring opinions and company set-up are handled by partner law firms.
Pre-Filing Review
For firms about to file for VASP registration, renewal or a related approval.
Questions we help answer
- What will the reviewer ask first?
- Where does our shareholder or control structure raise flags?
- Is our AML set-up credible on paper and in practice?
You receive
- List of likely reviewer questions
- Gap memo in priority order
- Notes from the mock Q&A session
How it runs
A document review, a mock review session in Q&A form, and a follow-up check after you revise.
Where we stop
Drafting and submitting the filing itself stays with your counsel.
Banking Readiness
For firms that need a KRW real-name account or a bank partnership.
Questions we help answer
- What does a bank's risk committee actually look at?
- Which gaps will stop the process early?
- How should the first conversation with a bank go?
You receive
- Gap analysis against typical bank due diligence
- Preparation roadmap
- Introduction to banks when you are ready
How it runs
A readiness assessment, a working session with former senior bankers, and a preparation roadmap.
Where we stop
We prepare you for the process. Each bank makes its own decision through its own procedures.
Policy Outlook
For every member.
Questions we help answer
- Where is the Digital Asset Basic Act heading?
- What do the FSC's interim rules mean for our business?
- Which scenarios should we plan around?
You receive
- Quarterly policy brief
- Legislative scenario analysis
- Member briefing calls
How it runs
A written brief every quarter, a briefing call, and short notes when something material is published.
Where we stop
Everything we share is built on public sources.
Closed-Door Gatherings
For every member.
Questions we help answer
- How do the people who built the system think about our issue?
- What are other global firms running into?
- Who else is serious about Korea?
You receive
- Seats at quarterly dinners
- Roundtable invitations
- A short member note after each gathering
How it runs
Quarterly dinners of up to fifteen seats and topic roundtables on stablecoins, banking and tokenized securities. All under the Chatham House Rule.
Where we stop
What is said in the room is not attributed or published.
Strategic Introductions
For firms ready to talk to Korean partners.
Questions we help answer
- Which bank, securities firm or VASP is realistic for us?
- Who should we speak to first, and in what order?
- How do we open that conversation well?
You receive
- Partner shortlist with reasoning
- Introductions
- First-meeting brief
How it runs
A partner shortlist, warm introductions, and a short brief before each first meeting.
Where we stop
Introductions are to private-sector firms only. We do not arrange meetings with public officials for commercial purposes.
Supervisory Readiness
For licensed operators and firms close to licensing.
Questions we help answer
- Are our internal controls ready for an inspection?
- Where do sanctions usually come from?
- What should we fix first?
You receive
- Internal control review
- Inspection preparation checklist
- Remediation priorities
How it runs
An internal control review followed by an inspection simulation workshop with your team.
Where we stop
Live inspections and enforcement matters are handled by your counsel.
Fit Call
Start with a fit call. We will tell you honestly which service helps and which one you can skip.
Circle
For firms exploring Korea and wanting to understand it properly.
Annual. Terms on request.
Partner
For firms preparing to file, bank or partner in Korea.
Annual. Terms on request.
Founding Member
For a small number of long-term partners. [N] places per year.
By invitation.
| What's included | Circle | Partner | Founding Member |
|---|---|---|---|
| Quarterly closed-door dinner | 1 seat | 2 seats | 2 seats, priority seating |
| Topic roundtables | Not included | Included | Included, co-host one per year |
| Policy Outlook briefs | Included | Included | Included |
| Member briefing calls | Included | Included | Included, plus private briefings |
| Entry Diagnostic or Pre-Filing Review | Available as add-on | 1 per year | 2 per year |
| Banking Readiness | Available as add-on | Available as add-on | Included once per year |
| Strategic Introductions | Not included | Included | Included, priority |
| Supervisory Readiness | Available as add-on | Available as add-on | Available as add-on |
| Dedicated sessions with the Council | Not included | Not included | Quarterly |
| Recognition as a founding member | Not included | Not included | Included |
Eligibility
A good fit
- Global exchanges and brokers
- Market makers and trading firms
- Custodians and infrastructure providers
- Stablecoin issuers and payment firms
- Funds and strategic investors
- Banks and securities firms entering digital assets
Not a fit
- Firms looking for someone to influence a regulatory decision
- Firms without a credible AML programme or plan to build one
- Anyone who wants Council names for marketing
Application Process
Apply
Send the short form with your plans for Korea.
Review
Our team checks fit and possible conflicts.
Fit call
A 30-minute call to agree what you need.
Council approval
The Council confirms new members.
Onboarding
Confidentiality terms signed and first session booked.
Frequently Asked Questions
Who sits on the Steering Council?
Former senior officials and executives with experience across the Financial Services Commission, the Financial Supervisory Service, the Korea Financial Intelligence Unit, the National Assembly, major bank holding groups and the securities industry. Members meet them in person after onboarding, under confidentiality.
Will Council members contact regulators for us?
No. Forum One does not represent members before any authority or lobby for individual outcomes. We help you understand the system and prepare for it.
Is Forum One a law firm?
No. Anything that needs a legal opinion, a filing or representation goes to licensed partner law firms, which we can introduce.
Can we say publicly that we are a member?
Only with our written consent. Founding Members are listed on this site with their agreement.
How is pricing set?
Membership is annual. Terms depend on the tier and are shared after the fit call.
We are a bank or securities firm, not a crypto company. Can we join?
Yes. Financial institutions exploring digital assets are welcome, and often get the most out of the banking and capital markets sectors.
We are already licensed in Korea. Is this still useful?
Yes. Licensed operators mostly use Policy Outlook, Supervisory Readiness and the gatherings to stay ahead of rule changes.
Apply for Membership
Applications are reviewed in the order they arrive. Places in each tier are limited.
Role of the Council
Sets the agenda
Chooses the topics for each gathering and the priorities for Policy Outlook briefs.
Reviews membership
Confirms every new member and checks for conflicts before onboarding.
Leads the work
Diagnostics and reviews are run by the Council members whose sectors match your question.
Holds the line
Applies Forum One's principles and turns down work that crosses them.
Confidentiality of Council Membership
Council members take part as individuals. We keep their names off this site for two reasons. Conversations stay focused on the problem in front of us, and nobody mistakes membership in Forum One for access to anyone.
Members meet the Council in person after onboarding, under confidentiality terms that protect both sides.
Inquiries
Tell us what you are working on. We will tell you which Council sectors can help.
No briefs in this topic yet.
Newsletter
A few times a year, when there is something worth reading. Member briefs stay in the member area.