Busan is set to become the premier destination for cryptocurrencies, as envisioned by South Korea's strategic plans.
In Brief
Busan’s partnership with major players like Binance, FTX, and Huobi aims to bolster the city's blockchain ecosystem.
Get ready for Blockchain Week in Busan, kicking off on October 27, 2022—a significant event for the crypto community.
The South Korean government is dedicated to establishing Busan as the world's foremost crypto hub.
Recent alliances with crypto exchanges FTX and Huobi have seen over 1,500 employees relocated to Busan, signaling a strong commitment to the city.
In August, a pivotal agreement was struck between Busan and Binance, the largest cryptocurrency exchange, which plans to offer technological infrastructure support. Furthermore, Binance will play a crucial role in organizing Blockchain Week in the city, starting October 27, 2022.
Heong-Joon Park, the Mayor of Busan, has ambitious plans to unveil an integrated platform designed for digital assets. the Busan Digital Asset Exchange “Our goal is to position Busan as a city specializing in blockchain that attracts global interest, subsequently becoming a fresh engine for local economic growth and establishing itself as a leading digital finance hub globally,” he expressed.
As of this moment, Busan boasts around 3.5 million residents, but the Mayor aims to draw more blockchain professionals to the city by implementing tax advantages.
said Heong-Joon Park.
In 2019, South Korean authorities launched special zones catering to blockchain and crypto ventures, creating an inviting environment for businesses in these sectors. Currently, 465 blockchain-related firms are registered in Busan as of September 27.
In 2020, the South Korean government began providing cryptocurrency wallets and blockchain passports to its citizens. Earlier this year, an investment was made, likely around a significant amount, aimed at offering virtual public services among other benefits.
These initiatives are positioning Busan as one of the foremost crypto-friendly cities globally, following closely behind Switzerland’s Zug region in the ranking. $177 million to develop a Metaverse Huobi Global has announced a massive $1 billion investment aimed at advancing DeFi and Web3.
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In line with the Trust Project guidelines She holds a Master’s degree in Public Communications and is pursuing a second major in International Business Management. In her free time, she enjoys photography and fashion styling. At 13, she launched her first fashion blog, igniting her passion for journalism and aesthetics.
