Busan City and the ‘Busan Digital Asset Exchange Establishment Promotion Committee’ announced the ‘Busan Digital Asset Exchange Establishment Promotion Plan’ at 10:40 a.m. on the 21st in the city hall press conference room.
Busan City launched the ‘Busan Digital Asset Exchange Establishment Promotion Committee,’ composed of private experts, last December and prepared this plan based on the advisory opinions of the promotion committee.
Under the vision of ‘Target 2026 Blockchain Busan,’ the city plans to transform Busan into the world’s most advanced city based on blockchain technology by 2026 and foster the domestic blockchain industry as a next-generation export industry and future growth engine through a package of support measures.
First, Busan will promote the establishment of a private fund (tentatively named) ‘Busan Blockchain Innovation Fund,’ led by financial public institutions in Busan, to support the development of the Busan blockchain industry.
A coalition of blockchain technology companies that will transform Busan into a cutting-edge city, tentatively named the ‘Busan Blockchain Alliance,’ is also expected to launch soon.
Additionally, the city plans to consult with related ministries, including the Ministry of SMEs and Startups, to upgrade the ‘Busan Blockchain Regulatory Free Zone’ to a ‘Global Innovation Zone’ that can be subject to comprehensive negative regulations.
Busan City explained that the ‘Busan Digital Asset Exchange’ will be a ‘4th generation blockchain exchange’ where ‘all values are tokenized and traded’ under a ‘decentralized governance’ system that strongly protects investors.
The city will support the tokenization and 24-hour convenient trading of all valuable assets such as raw materials, precious metals, intellectual property rights (IP), carbon emission rights, and security tokens (STO) through blockchain technology.
However, considering that digital asset-related regulations are currently being revised, the city plans to continuously expand the scope of supported trading products from areas free from regulations to security tokens (STO).
The ‘Busan Digital Asset Exchange’ will be established with 100% pure private capital with participation from global companies, and Busan City will spare no administrative and financial support to ensure the successful establishment and operation of the exchange in accordance with related ordinances.
The city will begin the public offering process to select the exchange operator from mid-October. The selection will comprehensively evaluate the understanding and execution capability regarding the future vision of ‘Blockchain City Busan.’
Mayor Park Hyung-jun of Busan emphasized, “The Blockchain Busan vision will be one pillar of the 2030 Busan World Expo. It is a vision for South Korea, which used to follow advanced countries, to lead the global market in the blockchain field and a blueprint for Busan to become a global financial hub in line with the digital transformation trend.”
He added, “Busan will nurture the blockchain industry as South Korea’s future growth engine following shipbuilding and semiconductors, serving as a testbed and export outpost. To this end, we will communicate widely with the central government, related ministries, the blockchain industry, and various experts to proceed without any setbacks.”
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