- The Busan Digital Assets Exchange Establishment Promotion Committee has announced that it plans to create a functional crypto exchange by the end of the year.
- The city expects this platform to serve as the foundation for expansion in the form of virtual asset support and security token transactions in the future.
According to the medium News1, representatives of Bunsan City and the Busan Digital Asset Exchange Establishment Promotion Committee announced the creation of a decentralized digital commodity exchange in which all products will be tokenized and marketed based on a blockchain.
According to the outlet, the plan is to establish a transaction support system in the near future by bringing together the capabilities of domestic financial companies and digital asset exchanges which have expressed interest in participating in the establishment of the Busan Digital Asset Exchange. .
With this joint work, the Busan Digital Asset Exchange Establishment Promotion Committee hopes to coordinate domestic financial companies and digital asset exchanges and build a transaction support system that serves as the foundation for the exchange.
The city expects this platform to serve as the foundation for expansion in the form of virtual asset support and security token transactions in the future. taking advantage of the strengths that the city possesses both culturally and in natural resources.
“Taking advantage of Busan’s strengths, such as the Busan International Film Festival, G-Star; The platform will include the tokenization of intellectual property rights in the fields of movies and games, as well as gold, precious metals, agricultural and livestock products, ships, real estate, etc.”, pointed out the medium.
Busan Digital Asset Exchange Coming This Year
The authorities pointed out thatIt is a policy to establish a decentralized digital commodity exchange” which starts operating this year.
For the establishment of this platform, the authorities will seek to promulgate several guidelines which will be applied within the special regulatory free zone. They hope that this regulatory environment can compete with Singapore and Abu Dhabi.
To promote these regulations, the city of Bunsan will consult with the financial authorities, in order to present their opinions in the process of complementing the digital heritage law presented to the National Assembly.
“The promotion committee plans to speed up the follow-up work to start operations this year, such as preparing for the establishment of a corporation in February and launching tests of the system.ema,” they declared.
Finally the authorities declared that The Busan Digital Asset Exchange has a decentralized fair exchange structure that is distinct from existing domestic virtual asset exchanges to protect investors to a great extent and lead digital innovation in various ways.
You might be interested in: