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.