South Korea's second-largest city, Busan, is making efforts to become a crypto hub. cryptocurrency
South Korea’s second-largest city, Busan, is making efforts to become a crypto hub. Busan has been designated by the Korean government as a “super-aged” city, and its officials believe that crypto could help turn things around by attracting young people, tech startups, and investors.The second-largest city in South Korea, Busan, is making efforts to position itself as a crypto hub, Bloomberg reported Monday.
Busan city officials believe that by embracing cryptocurrency, the city can attract young people, technology startups, and investment from venture capital firms. Noting that younger people prefer to work in areas such as crypto, Park Kwang-hee, head of the finance and blockchain division at Busan’s metropolitan government, was quoted by the publication as saying:Park noted that despite the collapse of crypto exchange FTX in November last year, Busan remains committed to its plans to become a crypto hub.
The city has entered into memorandums of understanding with several of the world’s largest cryptocurrency exchanges, including Binance Holdings Ltd., to launch the Busan Digital Asset Exchange by the end of this year. Binancelast August that as part of the agreement, Busan will “receive technological and infrastructure support from Binance” and the two exchanges will share their order books.
Busan Digital Asset Exchange also plans to venture into security tokens. The South Korean government is considering permitting the issuance of such tokens in the coming year, reversing itsMoreover, Busan’s drive to become a hub for cryptocurrencies includes attracting blockchain companies. In 2019, the city became a regulation-free zone for blockchain testing and related business development. It currently backs six projects by 17 companies.
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