South Korea's second-largest city plans digital-assets exchange for November

Quick Take

  • Busan, the second-largest city in South Korea, plans to have the exchange initially trade tokenized commodities, the government said.

Busan, the second-largest city in South Korea, plans to establish a digital assets exchange in November with an official business launch targeted for the first half of next year, the city government announced today.

The Busan municipal government said in a statement that the upcoming exchange will not list cryptocurrencies but instead plans to allow users to trade tokenized commodities on a blockchain.

The government said it will start a public offering process next month, select a business operator in November and register the exchange as a company. The exchange will be set up purely with private capital, the government added, with administrative and financial support from the city.

Busan also plans to set up a 100 billion won ($75 million) fund to support the development of blockchain technology, according to local media News1.


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Blockchain development

In an attempt to become a “blockchain city,” Busan is also developing a mainnet that it hopes to be compatible with major networks — such as Ethereum and Cosmos — according to the report.

In August 2022, Binance, the world’s largest cryptocurrency exchange, reached an agreement with Busan to help develop the city's blockchain infrastructure and support its efforts to boost crypto adoption and business development.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.