City of Busan to Establish Digital Assets Exchange: Report

The Busan Digital Asset Exchange Establishment Promotion Committee said it expects to have a functioning exchange before the year’s end.

Busan, South Korea will establish a decentralized digital commodities exchange, according to local news outlet News1.Officials said the platform is scheduled to begin operations this year and will uphold local social content through digital assets.

“Taking advantage of the qualities of Busan, for example, the Busan International Film Festival, G-Star; [the exchange] will include tokenization of intellectual property rights in the film and game fields, as well as Gold, valuable metals, farming and livestock products, ships, land, and so on.”
As told by the Busan Digital Asset Exchange Establishment Promotion Committee, the arrangement includes coordinating domestic financial companies and digital asset exchanges and building a transaction emotionally supportive network serving as the basis for the exchange.

“The Busan Digital Asset Exchange has a fair exchange structure that is different from domestic virtual asset exchanges to protect investors and lead digital innovation.”

Part of the proposed fair plan includes separating deposit settlement, listing evaluation and market monitoring into different institutions like the current stock trading system in South Korea. Moreover, authorities said they maintain that digital asset regulations should be as competitive as those in Singapore and Abu Dhabi.

We will apply various guidelines inside the Special Regulatory free zone after consulting with the financial authorities, and submit our opinions in regards to the digital asset law submitted to the National Assembly.

The committee is preparing to establish a corporation for the exchange as soon as February and launch system tests. On Jan. 16, Seoul regional Government is opening its own municipal metaverse project to the public.