First the record is legal. Then it has to stay up. Then the products widen. Then the money.
Financial infrastructure changes when the law agrees that a new kind of record can be the record, not when a conference announces that everything is onchain. Korea’s sequencing follows that order. A tokenised share or bond is treated as a regulated security in a new technical form. Issuance, investor protection, account management and market conduct do not fall away because the register is programmable.
That is the opposite of launching a crypto asset and asking the securities law to catch up. The statute stays in the chair. The database changes.