19 Jan 2023
Digital asset exchange in the City of Busan
According to the Busan Digital Asset Exchange Establishment Promotion Committee, a functioning exchange will be established by the end of the year
Busan, South Korea, will launch a decentralized digital commodities exchange, according to regional news source News1. According to officials, the platform will support local cultural content via digital assets and is expected to begin operations this year.
"Taking advantage of the strengths of Busan, such as 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, precious metals, agricultural and livestock products, ships, digital real estate, etc."
The Busan Digital Asset Exchange Establishment Promotion Committee explained that the strategy entails coordinating domestic financial institutions and digital asset exchanges and developing a transaction support system that will serve as the exchange's foundation.
"The Busan Digital Asset Exchange has a decentralized fair exchange structure that is distinct from existing domestic virtual asset exchanges to protect investors thickly and lead digital innovation in various ways."
Like the South Korean stock exchange's current stock trading system, the proposed fair design calls for separating deposit settlement, listing evaluation, and market monitoring into separate institutions. Authorities also stated that they wanted the rules governing digital assets to be competitive with those in Singapore and Abu Dhabi.
“We will enact various guidelines applied within the special regulatory free zone after consulting with the financial authorities, and actively submit our opinions in the process of supplementing the digital asset law submitted to the National Assembly.”
The committee is ready to launch system tests and incorporate the exchange as early as February.
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