busan, South Koreahas revealed the details of his plan to become First city in the world to launch and operate a crypto exchange, The city says it hopes to welcome its first crypto-trading customers by the end of 2023.
The city was granted a special status – a regulation-free blockchain zone – in July 2019. However, until recently, this has borne little in the way of fruit, as most city projects have focused on private blockchain systems.
This was mainly due to the previous president’s cautious stance on all things crypto-related. stance centered around controversial request Blockchain and crypto policy should be treated as two separate matters.
This year, President Yoon Seok-yul was elected A Manifesto That Promised A More Liberal And Pro-Business Approach To Crypto Development, Specifically, Yoon pledged to enhance Busan’s blockchain credentials.
Busan responded by announcing details of the call to the Busan Digital Asset Exchange. It referred to the planned exchange as an entity that would “list and trade virtual currencies.”
mile kyungjae The report notes that Busan has promised to launch its exchange “next year” and laid out a roadmap for its anticipated progress.
How Busan Is Planning To Launch Its City-Run Crypto Exchange
The city said it would launch a “promotion committee” to oversee the launch. The committee will consist of 15 experts from the crypto industry and academia.
Busan also said it will set up an exchange “holding company” in the first half of next year and three “market management organizations” in the second half of 2023. It said its goal was to get the exchange up and running “to the end”. Next year’s
The exchange will also launch three crypto-related subsidiaries next year. But while the city will remain the final decision-maker, it has also called for “private sector leadership.”
The city will likely choose a single firm to manage assets such as fiat and cryptoassets – and will listen to bids from established players in the sector.
The media outlet noted that the city would provide much of the funding, but may seek to “sell its stake” to the private sector “after a certain period of time”.
International exchange heavyweights like Binance and Crypto.com have already done signed cooperation deals With Busan – hoping it will provide them a way into the high-volume South Korean market. Currently, only five domestic exchanges have licenses that allow them to offer fiat-to-crypto trading.
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