ChainCatcher news, according to News1, Busan City in South Korea is promoting the development of a blockchain mainnet as a medium- to long-term project through the "Busan Digital Asset Exchange Establishment Promotion Plan and Future Schedule." The plan aims to establish a blockchain mainnet at the city level, compatible with blockchain mainnets such as Ethereum and Cosmos, thereby enabling blockchain-based services using different mainnets on a single platform.In addition, Busan City has proposed to build "Blockchain City" centered around the Busan Digital Asset Exchange and plans to establish a 100 billion won (approximately 75 million USD) blockchain innovation fund.The Busan Digital Asset Exchange is scheduled to be established in November and will announce specific business plans during the "BWB 2023" event in November. The exchange is set to officially start operations in the first half of 2024, initially not handling virtual assets or tokenized securities, but instead supporting commodity tokenization trading, tokenizing items such as gold, silver, copper, and crude oil traded at Busan Port.

ChainCatcher news, the head of the committee for the Busan Digital Asset Exchange in South Korea stated that the exchange is expected to launch in the second half of the year, supporting Security Token Offerings (STO) and virtual asset trading. It was mentioned that to avoid conflicts of interest, the Busan Exchange will separate custody and settlement processes, and the listing review will also be conducted separately.Previously reported, in December last year, Busan City in South Korea announced plans to build a blockchain-based decentralized digital goods exchange this year, covering tokenized trading of movies, game IPs, precious metals, agricultural and livestock products, ships, real estate, and more, with plans to start operations within this year. (Yonhap News)

According to ChainCatcher news, as reported by News1, Busan, South Korea, will establish a blockchain-based decentralized digital goods exchange, covering tokenized transactions of movies, game IPs, precious metals, agricultural and livestock products, ships, real estate, and more, with plans to start operations within this year. The exchange system is designed as a decentralized fair trading system, with functions such as custody settlement, listing evaluation, and market monitoring separated into individual institutions, aiming to become the foundation for supporting virtual assets and security token trading in the future.In addition, to create a regulatory environment that can compete with places like Singapore and Abu Dhabi, South Korean financial authorities are negotiating to formulate various guidelines applicable within the regulatory-free zone, and are actively submitting opinions during the supplementary legislative process of the digital asset law submitted to the National Assembly. Meanwhile, the exchange promotion committee plans to establish a legal entity in February and will begin system testing and other preparations to accelerate the follow-up work for starting operations within this year. (source link)

ChainCatcher news, Busan, South Korea will establish a blockchain-based decentralized digital goods exchange, covering tokenized trading of movies, game IPs, precious metals, agricultural and livestock products, ships, real estate, and more, with plans to start operations within this year. The exchange system is designed as a decentralized fair trading system, with functions such as custody settlement, listing evaluation, and market monitoring separated into individual institutions, aiming to become the foundation for supporting virtual assets and security token trading in the future.Additionally, to create a regulatory environment that can compete with places like Singapore and Abu Dhabi, South Korean financial authorities have negotiated to formulate various guidelines applicable within the regulatory free zone, and have actively submitted opinions during the supplementary legislative process of the digital asset law submitted to the National Assembly. Meanwhile, the exchange promotion committee plans to establish a legal entity in February and will begin system testing and other activities to accelerate the follow-up work for starting operations within this year. (Source link)

ChainCatcher news, according to Cointelegraph, Busan, South Korea has removed five originally included global centralized exchange partners from its plan to build a local digital asset trading platform, including: Binance, Crypto.com, Gate.io, Huobi Global, and FTX. In addition, Busan has announced the formation of a guidance committee composed of 18 blockchain experts, responsible for providing advice on the establishment and operation of the digital asset trading platform and strengthening external cooperation systems.It is reported that Busan plans to establish a trading platform that categorizes digital assets into two types: securities and non-securities, as well as a market management agency responsible for handling listing and evaluation, market monitoring and regulation, deposits, and settlement, etc. (Cointelegraph)

ChainCatcher news, according to the Korea Daily Economic News, the Busan Digital Asset Exchange will be launched next year, with the "Busan Digital Asset Exchange Establishment Promotion Committee" starting on the 19th. This committee, composed of 15 experts from industry and academia, will play a practical role in implementing the establishment plan for the exchange. At the same time, Busan City plans to establish a holding company for the exchange in the first half of next year and a market management agency in the second half, aiming to start providing services by the end of next year.It is reported that Busan City in South Korea has signed a cooperation agreement with Binance, Huobi, Crypto.com, and Gate.io regarding the establishment of the Busan Digital Asset Exchange. (source link)

ChainCatcher news, according to Yonhap News Agency, Busan, South Korea has decided to reconsider the establishment of a digital asset exchange. This is due to the negative attitude of the government and financial authorities towards public institutions setting up digital asset exchanges, and the anxiety in the entire industry is increasing following the recent FTX bankruptcy. An official from Busan stated, "Given various circumstances, it is unreasonable for Busan to promote the establishment of a digital asset exchange."Previously, it was reported that Busan, South Korea signed a cooperation agreement with Binance, FTX, Houbi, Crypto.com, and Gate.io to establish the Busan Digital Asset Exchange, and several blockchain venture capital firms planned to invest $100 million in ecosystem development in Busan, South Korea. (source link)

According to ChainCatcher news, the Busan city government has partnered with the EOS Network Foundation, AlphaNonce, CoinNess, Foresight Ventures, OKX Blockdream Ventures, and Ragnar Capital Management to establish a collaboration and sign a Memorandum of Understanding (MoU) to create the Busan Blockchain Venture Capital Alliance (VCABB). The alliance jointly holds and manages $700 million in assets. According to the agreement, VCABB will invest $100 million in blockchain-related companies over the next three years to promote the continuous positive development of Busan's blockchain ecosystem as South Korea's second-largest city. In the future, VCABB will also support Busan's plans to establish educational centers and accelerator programs for blockchain startups to further drive local blockchain development.Regarding this collaboration, Yves La Rose, founder and CEO of the EOS Network Foundation, stated: "This collaboration will not only help accelerate the application of blockchain globally but will also help propel EOS and its technology to a leading position at the forefront." (Source link)

ChainCatcher news, blockchain venture capital firms including the EOS Network Foundation, OKX Blockdream Ventures, and AlphaNonce have signed a memorandum of understanding to invest $100 million over the next three years to establish a blockchain ecosystem in Busan, South Korea's second-largest city.Previously reported, the city of Busan in South Korea has signed cooperation agreements and established partnerships with Binance, FTX, Huobi, Crypto.com, and Gate. (CoinDesk)

ChainCatcher news, Busan, South Korea will sign a business agreement with Crypto.com and Gate.io this afternoon to establish the Busan Digital Asset Exchange and develop the blockchain industry. Through this agreement, the city plans to gain relevant technology and infrastructure support from the two crypto exchanges and collaborate to establish the Busan Digital Asset Exchange.In addition, Crypto.com and Gate.io plan to set up their Korean branches in Busan and establish a research center to train blockchain engineers. Previously, Busan signed memorandums of understanding (MoUs) with Binance, FTX, and Huobi, and the city council also passed relevant regulations to establish the "Busan Digital Asset Exchange." (Source link)

According to Chain Catcher, South Korean media news1 reported that Busan will host the "Blockchain Week Busan 2022" event from October 27 to 29, with participation from Binance, FTX, and Huobi. The event will include major blockchain-themed conferences, exhibitions and gatherings of blockchain companies, special exhibitions by artists, auctions, experience halls, and various corporate activities.Chain Catcher previously reported that Busan signed a cooperation agreement with Binance, FTX, and Huobi to establish the Busan Digital Asset Exchange, but South Korean financial authorities oppose Busan providing special regulatory treatment to attract Binance, Huobi, and FTX exchanges. (news1)

Huobi Global announced a memorandum of understanding with Busan, South Korea, to help the city establish its first cryptocurrency exchange and promote its blockchain ecosystem.It is reported that Huobi will provide technical and infrastructure support for the construction of this city-supported cryptocurrency exchange and will bring over 1,500 blockchain technology professionals from abroad to Busan. Huobi also plans to move the Huobi Korea office from Seoul to Busan.Previously, both Binance and FTX revealed that they would establish offices in Busan to assist the city in developing its blockchain ecosystem. However, it is expected that these two branches will not establish local cryptocurrency exchanges. (Forkast)