The government of Busan, South Korea’s second-largest city, has announced its plans for the exchange’s initial focus, which will involve the trading of tokenized commodities.
The city government of Busan, South Korea’s second-largest city, has announced its plan to establish a digital assets exchange. The official business launch is targeted for the first half of the next year, with the exchange initially focusing on the trading of tokenized commodities on a blockchain rather than listing cryptocurrencies.
The government intends to begin the public offering process next month, select a business operator in November, and register the exchange as a private company. The venture will be funded solely by private capital, with additional administrative and financial support from the city.Additionally, Busan plans to create a 100 billion won ($75 million) fund to foster blockchain technology development. (according to local media News1)
Becoming a “Blockchain City”
Busan is working to transform itself into a “blockchain city” by developing its own mainnet. This mainnet aims to be compatible with major blockchain networks like Ethereum and Cosmos, making it a hub for blockchain technology.
In August 2022, Binance, the world’s largest cryptocurrency exchange, joined forces with Busan. Their agreement involves assisting Busan in building its blockchain infrastructure and promoting cryptocurrency adoption and business growth in the city.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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