Home CryptocurrencyAltcoin Busan City to Establish Digital Asset Exchange: Report

Busan City to Establish Digital Asset Exchange: Report

by SuperiorInvest

According to local news channel News1 in Busan, South Korea, yes establish decentralized digital commodity exchange. Officials said the platform is expected to go live this year and will support local cultural content through digital assets.

“Taking advantage of Busan’s strengths such as the Busan International Film Festival, G-Star; [the exchange] it will include the tokenization of intellectual property rights in film and gaming, as well as gold, precious metals, agricultural and livestock products, ships, real estate, etc.”

As the Busan Digital Asset Exchange Establishment Promotion Committee said, the plan includes the coordination of domestic financial companies and digital asset exchanges and the construction of a transaction support system serving as the basis for the exchange.

“Busan Digital Asset Exchange has a decentralized fair exchange structure that is different from existing domestic virtual asset exchanges to strongly protect investors and lead digital innovation in various ways.”

Part of the proposed fair design is the separation of deposit settlement, listing evaluation and market monitoring into different institutions similar to the existing stock trading system in South Korea. In addition, the authorities said they want the regulation of digital assets to be as competitive as those in Singapore and Abu Dhabi. “After consultation with the financial authorities, we will enact the various guidelines applied under the Special Regulatory Free Zone and actively present our views in the process of supplementing the Digital Assets Law submitted to the National Assembly,” the source wrote.

The committee is preparing to establish a corporation for the exchange as early as February and start system tests. On January 16, Cointelegraph also reported that the Seoul city government is opening your own municipal metaverse project the public.

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