Busan is Ready to Welcome a Functional Digital Assets Exchange By Then End of 2023

Subh Rath

January 21, 2023

Did you hear? The first meeting of the Busan Digital Asset Exchange Establishment Promotion Committee took place on January 19, according to a local news source. As per this meeting, a decentralized exchange is set to debut in the South Korean city by the end of the year, as was mentioned at the conference.

Busan’s Plan for this Exchange:

The statement states that the purpose of the exchange is to utilize digital tokens to support Busan’s multiple advantages, such as its cultural significance, agricultural production, real estate, and precious metals. The Committee seeks to establish Busan’s exchange into a fine structure unique from those now in South Korea at other virtual asset exchanges.

In addition, the Committee intends to collaborate with the national government to work toward the establishment of a more effective regulatory framework. According to reports, the effort has two distinct objectives in mind. Busan aspires to be fully competitive with hubs like Abu Dhabi and Singapore while simultaneously providing comprehensive protections for investors. Additionally, the Committee is working toward initiating system tests for the exchange as early as February.

Busan’s Partnership Approaches for this Exchange: 

Busan has been working on a city-backed cryptocurrency exchange since last August, when it formed collaborations with Binance, Gate.io, Huobi Global, Crypto.com, and FTX.com (before the latter went bankrupt). A representative for the city of Busan assured Forkast over the phone that the relationships remain strong. 

However, Busan Ilbo, a regional publication, reported on Wednesday that the exchange delayed plans to provide services connected to cryptocurrencies and security token offerings last year to avoid potential conflicts with local regulators.

Adding more to that, only Huobi, through its South Korean subsidiary, was represented among the foreign exchange partners when the steering committee was announced in December.

Stay tuned for more crypto-related news!