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

South Korea’s second largest city, Busan, is making efforts to become a crypto hub. Busan has been designated a “super-age” city by the Korean government, and its officials believe that cryptocurrency can help make a difference by attracting young people, tech startups and investors.

South Korean city wants to become a crypto hub

As Bloomberg reported on Monday, South Korea’s second-largest city, Busan, is making efforts to position itself as a crypto powerhouse. The port city is facing demographic challenges as the Korean government has labeled it a “super-age” city, meaning that more than 20% of its population is made up of people aged 65 and over.

The city of Busan believes that by using cryptocurrency, the city can attract youth, technology startups, and venture capital investment.

Noting that young people prefer to work in areas such as cryptocurrencies, Park Kwan-hee, head of finance and blockchain in the Busan Metropolitan Government, quotes the publication:

We felt it was right to focus on digital assets and financial products.

Park noted that despite the collapse of the FTX cryptocurrency exchange last November, Busan remains committed to its plans to become a crypto hub.

The city has entered into memorandums of understanding with several of the world’s largest cryptocurrency exchanges, including Binance Holdings Ltd., to launch the Busan Digital Asset Exchange by the end of this year. Last August, Binance said that as part of the agreement, Busan will “receive technology and infrastructure support from Binance” and the two exchanges will share their order books.

Busan Digital Asset Exchange also plans to get into security tokens. The South Korean government is considering issuing such tokens next year, lifting the 2017 ban on all initial coin offerings (ICOs).

What’s more, Busan’s ambition to become a cryptocurrency hub includes attracting blockchain companies. In 2019, the city became a regulation-free zone for testing blockchain and developing related businesses. He currently supports six projects from 17 companies. Last December, 15 more blockchain companies moved to the Busan International Financial Center, bringing the total number of companies to 29.

What do you think of Busan’s attempts to become a crypto hub? Let us know in the comments below.

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