South Korea’s Second-Largest City Aims to Become a Crypto Hub

February 15, 2023 Bitcoin.com

Busan signs MoU with Huobi, gets more help for local crypto exchange

September 14, 2022 Coin Telegraph

Huobi Global is the third major cryptocurrency exchange to pen a blockchain ecosystem development agreement with the South Korean city.

South Korea’s ‘blockchain’ city of Busan continues to establish agreements with cryptocurrency industry heavyweights as Huobi Global enters the development ecosystem.

Huobi Global and its Korean branch became the latest exchange to sign a memorandum of understanding with the Busan Metropolitan City government to participate in the growth of its blockchain industry.

According to an official announcement from Huobi, the partnership will see the company provide research and development, technology and financial support for the Busan Digital Currency Exchange. Huobi is also set to assist in identifying and hiring blockchain talent for Busan’s local exchange.

Huobi has been operating a local office since 2019 and received a mandatory regulatory license from the South Korean Financial Services Commission in 2021. The company cites its operational experience within the country as an important factor in assisting Busan’s goal of becoming a global cryptocurrency and blockchain hub.

A statement from Huobi Korea CEO Junyong Choi highlighted the company’s existing business ties with Korean blockchain ecosystem participants and the expertise of the Huobi Research Institute and Huobi Academy as key drivers of the partnership:

"We believe that Busan has strong attributes for fostering innovation and growth, and share their belief that blockchain technologies can transform and benefit traditional industries."

Huobi has also committed to sponsoring the Busan Blockchain Week at the end of October 2022 as part of the agreement.

Busan also signed an agreement with Sam Bankman-Fried’s cryptocurrency trading platform FTX in August 2022 to assist in the development of Busan’s local exchange. Binance also penned a similar deal with the city in the same month, with CEO Changpeng ‘CZ’ Zhao in attendance during the announcement.

Both FTX and Binance are set to establish a local presence in the city as part of the deal, while Huobi Korea’s local office already has a foothold in Busan.

Busan City announces FTX partnership to build local exchange

August 31, 2022 Coin Telegraph

Blockchain

South Korea's 'Blockchain' city of Busan continues to establish partnerships to foster the growth of the cryptocurrency industry.

South Korea’s second-largest city Busan has announced a partnership with crypto trading platform FTX to build a local crypto exchange and foster blockchain development.

Sam Bankman-Fried’s FTX will assist in creating the Busan Digital Asset Exchange as per an official statement from the Busan Metropolitan City on Aug. 30. The Bahamian-based firm will also support the city in fostering the growth of the local blockchain industry.

Busan City will make use of FTX’s technology and infrastructure to establish its own cryptocurrency exchange. FTX is also set to be involved in promoting blockchain-specific education with local universities and projects within the city’s ‘Blockchain Special Free Zone - which was established back in 2019.

According to FTX Investment Division CEO Amy Woo the company will establish a Korean FTX branch in Busan over the next 12 months in an effort to help the city ‘grow into a digital financial hub in Asia.’

The City of Busan agreement with FTX comes hot off the heels of another partnership formed with Binance, the largest cryptocurrency exchange by trading volume. The company and city entered into a memorandum of understanding on Aug. 26 to provide technological and infrastructure support to the city’s blockchain development efforts.

Binance CEO Changpeng ‘CZ’ Zhao was present alongside Busan Mayor Heong-Joon Park for the announcement, which entails Binance supporting the establishment of cryptocurrency exchanges and various blockchain industries. Both Binance and FTX are set to establish a presence in the country over the next year.

Busan has looked to position itself as a blockchain hub in South Korea over the past five years, with various initiatives and partnerships established to reach this goal. Since Busan was designated as South Korea’s Blockchain sandbox in 2019, a number of projects have made use of the technology.

This included the roll-out of proprietary blockchain-based ID system, cryptocurrency-payment support for various services at its most popular beaches as well as a blockchain-powered drivers license platform.

South Korea's Financial Intelligence Unit has also made a push to clamp down on foreign-based exchanges operating within the country in 2022, while the Financial Services Commission looking to fast track the review the review of 13 different bills related to cryptocurrencies currently sitting in the National Assembly of South Korea.

Busan