South Korea’s Second Largest City Aims To Become Crypto Hub

Busan, South Korea’s second largest city, is trying to establish itself as the crypto king as well as a crypto-services hub, Bloomberg reports on Monday. The port city is facing population challenges as it is viewed by the Korean government as an “over-aged” city, which means that more than 20 percent of its population is 65 years of age or older. is of. certainly if you look at the city
Busan officials believe that the adoption and use of cryptocurrencies could certainly open up startups to the city’s youth and other service-oriented entrepreneurs, as well as attract investment from venture capital firms. This is a golden opportunity that is available. Noting that young people definitely like cryptocurrencies, Park Kwang-hee, working in key areas of finance and block channel division in the metropolitan government of Busan, was received by the administration as saying that he thought Focusing on digital assets and financial products is a right direction or a right decision to work on. Park notes that despite the collapse of cryptocurrency exchange FTX last November, Busan appears to be determinedly committed to its plans to become a crypto hub and at the same time reacts strongly to it. By the end of this year the city
An agreement to launch the Busan Digital Asset Exchange has been concluded with the world’s largest crypto exchange, including Binance Holdings Limited. Last August, the leading crypto exchange said that as part of the agreement, Busan will “receive technical and infrastructure support from Binance and the two exchanges will share their order books.” Busan Digital Assets Exchange will also be involved in security tokens. It is planning to enter and the South Korean government is considering allowing the issuance of such tokens in the coming year, reversing a ban on all initial coin offerings (ICOs) in 2017.
Additionally, Busan’s drive to become a cryptocurrency hub includes attracting and recruiting blockchain companies for investment. In 2019, the city became arguably a rule-free zone for blockchain testing and related business development and currently supports 6 projects by 17 companies, and last December, 15 more blockchain companies moved to the Busan International Finance Center. have been added, taking the total number of companies to 29.



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