<p>South Korea’s largest cryptocurrency exchange Bithumb is set to invest 10 billion won (~$8.6 million) in Busan city’s “regulation-free” zone for blockchain development.</p> <p>The country’s Ministry of SMEs and Startups <a href="https://www.mss.go.kr/site/smba/mss/ex/bbs/View.do?cbIdx=86&amp;bcIdx=1016321&amp;parentSeq=1016321">announced</a> the news on Thursday, saying that Bithumb will invest via its subsidiary GCX Alliance.</p> <p>Bithumb and Korea's Financial Services Commission will discuss more details about the investment later this month, according to a <a href="http://news1.kr/articles/?3811696">report</a> from News1 Korea. With the investment, Bithumb could launch several blockchain-based financial services in Busan, per the report.</p> <p>Busan, Korea’s second most populous city, was <a href="https://www.coindesk.com/south-korea-declares-regulation-free-zone-for-crypto-companies">declared</a> a “regulation-free” zone for blockchain development by the ministry in August. At the time, the ministry said that Busan would host a wide range of blockchain offerings related to finance, public safety and tourism.</p> <p>Just last month, Bithumb was hit with a massive <a href="https://www.theblockcrypto.com/linked/51719/crypto-exchange-bithumb-hit-with-a-massive-tax-bill-of-over-69m">tax bill</a> of around $69.5 million by the country's National Tax Service.</p>