The Second Largest city in South Korea is Trying to Become a Crypto Hub

Key Points:Busan is South Korea’s second largest city and is trying to become a crypto-centre.
The city has signed memorandums with many of the top cryptocurrency exchanges around the world, including Binance Holdings Ltd., in order to create the Busan Digital Asset Exchange before the end of 2018.
Busan, South Korea’s second largest city, is trying to become a cryptocurrency center. The Korean government has declared Busan a “super-aged”, and the municipal authorities believe that cryptocurrency could help them turn things around by attracting young people, investors, and tech businesses. According to the magazine, Park Kwang-hee, chief of the finance and blockchain section of Busan’s metropolitan government, stated that “younger individuals want to work in sectors such as crypto.” Park Kwang-hee is the chief of Busan’s finance and blockchain section. According to Park, Busan still believes it can become a crypto hub despite the November bankruptcy of crypto exchange FTX. The city signed memorandums with several of the top cryptocurrency exchanges around the world to create the Busan Digital Asset Exchange before the end of 2018. Binance claims that as part of the agreement, Busan will receive technological and infrastructural assistance from Binance and that the order books of both exchanges would be shared. The Busan Digital Asset Exchange also plans to enter the security token market. South Korea’s government is considering allowing such tokens to become available in the next year. This would be in addition to its 2017 ban on initial coin offerings (ICOs). Busan’s goal to become a cryptocurrency hub is also about attracting blockchain startups. The city was designated a regulatory-free area for blockchain experimentation, company growth, and other activities in 2019. Six initiatives are currently supported by 17 different companies. It currently supports six initiatives from 17 different firms. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BusancryptoKoreamarket