- Busan government established a commercial partnership with Crypto.com and Gate.io.
- The declaration of Busan as a regulation-free blockchain zone urged the necessity of expanding the city’s blockchain ecosystem.
- The partnership with the exchanges is Busan’s initiative to develop the Busan Digital Asset Exchange.
Busan, South Korea’s second-largest city, and a growing crypto hub released a statement on October 26, announcing its commercial partnership with the leading crypto exchanges Gate.io and Crypto.com as part of expanding its blockchain ecosystem.
Beginning with setting up regional offices in Busan, both Gate.io and Crypto.com would further establish their functions and services there, supporting the development of Busan’s crypto activities.
Being declared a “regulation-free blockchain zone”, Busan government took the initiative to develop a local blockchain hub, for which the partnership with both Crypto.com and Gate.io would be a supporting hand.
Dr. Lin Han, CEO of Gate.io commented that the exchange would be pleased to collaborate with the city to build a blockchain city:
The city’s robust approach to blockchain technology, combined with our industry expertise, will help solidify the city as a blockchain leader. We are committed to building a thriving digital asset ecosystem that will set an example and further crypto adoption in South Korea and abroad.
In exchange, the Mayor of Busan, Heong-Joon Park expressed his excitement to have joined Gate.io, for expanding the city as a leading digital asset platform. He added that it would help bring Busan to the front of the global blockchain industry.
According to the statement, both Crypto.com and Gate.io had been designated with definite roles. They were assigned with assisting Busan to create its municipally supported cryptocurrency exchange.
In addition, both exchanges would be permitted to participate in the Busan Blockchain Week (BWB), an event intended to highlight the leading role of Busan as a global blockchain city. It is noteworthy that the event which was known by the name NFT Busan last year takes the name this year as BWB and is expected to take place from October 27 to October 29.
Significantly, Busan is moving towards the establishment of Busan Digital Asset Exchange via its partnership with the crypto exchanges, which is reassured by Heong-Joon Park’s statement that “Busan is one step closer to becoming a worldwide digital finance hub city with this agreement”.
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