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Busan City Mayor Park Heong-joon, center, talks with distinguished guests in the Blockchain Week in Busan, Friday. Photo courtesy of Busan City

Busan City signs agreements with major crypto exchanges

South Korea strives to attract blockchain companies, including crypto exchanges, by holding the Blockchain Week in Busan 2022 (BWB 2022) last week in the country’s southeastern port city.

Busan City said on Oct. 31 that it had signed memoranda of understanding with several companies, including Crypto.com and Gate.io, on the sidelines of the four-day event that finished Saturday.

Crypto.com is a Singapore-based cryptocurrency exchange firm, which has around 50 million customers. Gate.io is known for trading more than 1,400 cryptocurrencies and stablecoins.

On top of the firms, Busan City also reached an MOU to cooperate with Dubai Multi Commodities Center, the largest free-trade zone of the United Arab Emirates.

Under the agreement, Busan City said that it would collaborate with DMCC in establishing a digital financial hub in the second-largest city in South Korea.

Previously, Busan City also joined hands with such global giants as Binance, Huobi Global, and FTX. All the three giants took part in the BWB 2022.

“Blockchain will be used in the daily lives of the future. Its expansion will be accelerated,” Busan Mayor Park Heong-joon said in a keynote speech. “Those who spearhead the innovation of blockchain will lead the world technology market.”

“As an increasing number of blockchain companies adopt Busan City as their homes, we will seek further development by incorporating blockchain technologies into various industries,” he said.

Busan City also plans to launch an alliance of global venture capitalists next month. To boost the blockchain ecosystem, the city announced its plan to spend $100 million over the next three years.

“Over the past few years, Busan City has put forth great efforts to become a blockchain hub, and there have been some tangible results,” Sogang University Professor Yoon Seok-bin said.

“But there are regulatory hurdles in some areas, including the crypto exchanges. We need to wait and see whether such hurdles can be cleared.”

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