Pioneer to outsider: Lucentblock CEO fights for survival in Korea's STO market

Lucentblock CEO Huh Se-young is challenging South Korea’s STO platform licensing process after regulators selected two consortia and excluded his startup. Since launching its fractional real estate investment platform in 2018, Lucentblock has attracted 500,000 customers and raised approximately 30 billion won through the platform. After the decision, it suspended new transactions while continuing dividend payments and asset management for existing customers. Huh says he will contest procedural irregularities and seek another opportunity to apply.

Lucentblock’s platform let investors buy and sell fractional stakes in properties worth tens of billions of won.

Huh said the Financial Services Commission limited the number of operators to two through a briefing rather than a formal resolution.

The NXT consortium includes Nextrade, Shinhan Securities and Musicow, while the KDX consortium comprises the Korea Exchange, Koscom and more than 20 securities firms.

Seven lawmakers from both the ruling and opposition parties raised concerns during the National Assembly audit, and some called for Lucentblock to receive another opportunity to apply.

Huh said Lucentblock was not seeking special treatment or the revocation of existing operators’ licenses, but a fair opportunity to compete.

Published Oct 28, 2026 7:00 am KST

Lucentblock founder and CEO Huh Se-young speaks to reporters at a business center in Seoul, Tuesday. Courtesy of Lucentblock

An unprecedented investment boom swept the country during the COVID-19 pandemic, fueled by abundant liquidity. Amid the frenzy, a new investment method known as "fractional investing" quickly gained traction.

The emerging industry attracted a wave of entrepreneurs who helped shape its standards and practices. Among them was Lucentblock CEO Huh Se-young.

His platform allowed investors to buy and sell fractional stakes in properties worth tens of billions of won. Since launching the business in 2018, he has attracted 500,000 customers and raised approximately 30 billion won ($22.65 million) through the platform.

While many players exited the industry amid an investment slump and regulatory intervention, Huh stayed the course. He has seen three presidents and six finance ministers come and go.

Huh navigated regulatory reviews and put investor protection safeguards in place under the government's sandbox program. He also persuaded financial institutions to adopt a structure in which trust companies would hold the underlying real estate assets and issue beneficiary certificates, while his startup would oversee investor recruitment and trading.

The business model he pioneered has since become the industry standard for security token offerings (STOs).

Huh believed that meeting regulatory requirements would eventually pave the way for Lucentblock to become a fully licensed operator. The government had also pledged to foster the STO market.

But last fall, an unexpected hurdle emerged. Financial regulators introduced a competitive licensing process that would limit the number of authorized trading platform operators to just two, with applicants selected based on their evaluation scores.

The NXT consortium, comprising Nextrade, Shinhan Securities and Musicow, entered the race, alongside the KDX consortium, formed by the Korea Exchange, Koscom and more than 20 securities firms.

Lucentblock suddenly found itself competing against industry heavyweights armed with vast capital resources and extensive business networks. In February this year, the NXT and KDX consortia received preliminary approval, as widely expected.

After failing to secure approval, Lucentblock suspended new transactions, maintaining only dividend payments and asset management services for existing customers. Criticism mounted that the KRX and NXT consortia, neither of which had a track record in the business, were muscling in on a market pioneered by startups.

"The FSC (Financial Services Commission) limited the number of operators to a maximum of two through a briefing rather than a formal resolution," Huh said. The FSC consists of nine members, and approval requires a majority vote from those present.

Huh also claimed that the FSC had failed to comply with a special act, intended to guarantee exclusive operating rights to innovative financial service providers such as Lucentblock once they have demonstrated new technologies in the market.

Yet a glimmer of hope emerged during this year's National Assembly audit. Seven lawmakers from both the ruling and opposition parties raised concerns over the matter, with some calling for Lucentblock to be given another opportunity to apply.

Huh vowed not to give up. He said he would challenge the procedural irregularities and seek additional licensing approval as soon as possible.

"We are absolutely not asking for special treatment, nor are we asking for existing operators' licenses to be revoked," he said. "We are simply asking for a basic opportunity to compete fairly in the market."

Lucentblock首席执行官许世英(Huh Se-young)对韩国证券型代币发行(STO)平台的牌照审批流程提出质疑，此前监管机构选择了两家财团，而将他的初创公司排除在外。自2018年推出其房地产分时投资平台以来，Lucentblock已吸引了50万客户，并通过该平台筹集了约300亿韩元。在监管机构做出决定后，该公司暂停了新的交易，但仍继续向现有客户支付股息和进行资产管理。许世英表示，他将对程序上的不规范之处提出异议，并寻求再次申请的机会。

Lucentblock 的平台允许投资者买卖价值数百亿韩元的房产的部分股权。

Huh表示，金融服务委员会通过简报而非正式决议，将运营商数量限制为两家。

NXT 财团包括 Nextrade、新韩证券和 Musicow，而 KDX 财团则由韩国交易所、韩国证券股份有限公司和 20 多家证券公司组成。

在国民议会审计期间，执政党和反对党的七名议员提出了关切，一些人呼吁给予朗讯集团另一次申请机会。

Huh表示，Lucentblock并非寻求特殊待遇或吊销现有运营商的执照，而是寻求公平的竞争机会。

发布于2026年10月28日 上午7:00（韩国标准时间）

Lucentblock创始人兼首席执行官许世英周二在首尔一家商务中心接受记者采访。图片由Lucentblock提供。

新冠疫情期间，充裕的流动性推动了全国前所未有的投资热潮。在这股热潮中，一种名为“碎片化投资”的新型投资方式迅速获得市场认可。

新兴的互联网行业吸引了一批企业家，他们帮助塑造了该行业的标准和规范。其中就包括 Lucentblock 的首席执行官许世英。

他的平台允许投资者买卖价值数百亿韩元的房产的部分股权。自2018年推出该业务以来，他已吸引了50万客户，并通过该平台筹集了约300亿韩元（2265万美元）。

在投资低迷和监管干预的双重打击下，许多业内人士纷纷退出市场，但许志安却坚持了下来。他见证了三位总统和六位财政部长的更迭。

许先生成功通过了监管审查，并在政府的“沙盒计划”下建立了投资者保护保障措施。他还说服金融机构采用一种新的架构，即由信托公司持有基础房地产资产并发行受益人凭证，而他的初创公司则负责投资者招募和交易。

他开创的商业模式已成为证券型代币发行（STO）的行业标准。

许先生认为，满足监管要求最终将为朗讯集团成为一家获得全面牌照的运营商铺平道路。政府也承诺会扶持证券型代币发行（STO）市场。

但去年秋天，一个意想不到的障碍出现了。金融监管机构推出了一项竞争性牌照发放程序，将授权交易平台运营商的数量限制在两家，申请者将根据评估分数进行筛选。

由 Nextrade、新韩证券和 Musicow 组成的 NXT 财团，与由韩国交易所、韩国证券交易委员会和 20 多家证券公司组成的 KDX 财团一起加入了竞争。

朗讯突然发现自己要与拥有雄厚资本和广泛商业网络的行业巨头展开竞争。今年2月，NXT和KDX财团如预期般获得了初步批准。

在未能获得批准后，Lucentblock暂停了新的交易，仅维持向现有客户支付股息和提供资产管理服务。批评之声日益高涨，认为KRX和NXT财团在业内均无成功经验，却强行闯入这个由初创企业开创的市场。

“金融服务委员会（FSC）通过简报而非正式决议，将运营商数量限制在最多两家，”胡先生说。FSC由九名成员组成，批准需要出席成员的多数票。

Huh 还声称，FSC 未能遵守一项特别法案，该法案旨在保证像 Lucentblock 这样的创新型金融服务提供商在市场上展示新技术后享有独家经营权。

然而，今年国民议会的审计工作带来了一线希望。来自执政党和反对党的七名议员对此事表示关切，其中一些人呼吁给予朗讯集团再次申请的机会。

许先生誓言绝不放弃。他说，他将对程序上的不规范之处提出质疑，并尽快寻求额外的执照批准。

他说：“我们绝对没有要求特殊待遇，也没有要求吊销现有运营商的执照。我们只是要求获得在市场上公平竞争的基本机会。”