Busan’s Bold Move: A Step Towards Independence in the Crypto Scene

In a landscape where centralized exchanges have shown their vulnerabilities, Busan, South Korea’s blockchain hub, is redefining its strategy. The city is making headlines with its latest decision to distance itself from global centralized exchanges while forming a local cryptocurrency exchange.

The Shift in Strategy

Busan recently revealed a steering committee made up of 18 local blockchain experts, aiming for a self-sufficient digital asset exchange. Notably absent from this committee are the five exchanges that once formed partnerships to assist in this venture: Binance, Crypto.com, Gate.io, Huobi Global, and the infamous FTX.

What Sparked the Breakup?

The fallout from FTX’s catastrophic collapse sent shockwaves throughout the crypto world, and it seems Busan’s municipal authorities took this as a wake-up call. A committee member pointed out that the scandals surrounding major exchanges significantly swayed their decision. Another member underlined that these global players were never crucial to Busan’s vision—only needed initially for some liquidity. Looks like Busan is ready to ride solo!

The Future of Busan’s Exchange

With a strong inclination towards creating its own marketplace, Busan plans to categorize digital assets into securities and non-securities. They’re also working toward establishing a market management organization. This entity will handle everything from listing to evaluating these assets, ensuring a robust system for monitoring and supervision.

A Timeline for Success

Busan aims to set up a solid foundation by the first half of next year, starting with establishing a fund and recruiting members to drive their ambitious plans. Just a mere whisper of regulations isn’t dampening their vision, as the city was designated a regulatory-free zone for blockchain technologies back in July 2019.

Broad Applications Beyond Finance

Busan’s blockchain plans extend well beyond just a digital wallet. The local government has its sights set on implementing blockchain across various sectors, including tourism, logistics, finance, and public safety. Remember that partnership with KT Telecom for a blockchain-based digital currency? Yeah, that’s still on the table!

As Busan takes these strides toward establishing a local digital asset exchange, it’s apparent that the city is armed with the expertise and vision to embark on this crypto journey.