Hwaiting! Busan City Forms Digital Asset Exchange!


 "This Korea is great, act fast."

In order to further develop its economy, Busan, which is located in South Korea, will establish a decentralized digital commodity exchange in the near future to support local culture through digital assets.

The update will reportedly include digital assets of intellectual property rights in movies, games, gold, precious metals, agricultural and livestock products, ships including real estate.

Also explained by the Busan Digital Asset Exchange Establishment Promotion Committee, the plan also aims to coordinate domestic financial companies and digital asset exchangers and build an effective transaction system.

This follows because domestic exchangers are different from the goals of the Busan Digital Asset Exchange which wants to protect investors comprehensively and develop digital innovation through various methods.

Among other purposes of the establishment is to segregate customer deposits and monitor markets that have different institutions but are the same as stocks in South Korea.

In addition, the authorities also intend to enact various guidelines and add digital asset laws to establish regulations as in Singapore and Abu Dhabi.

Overall, the committee is working to establish the exchange as early as February and launch a system test coupled with the Seoul government wanting to open its own metaverse project to its citizens.