Binance to help S. Korea’s Busan build first city-backed exchange

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Glob­al cryp­to exchange Binance and the city of Busan in South Korea announced a mem­o­ran­dum of under­stand­ing (MOU) on Fri­day to pro­mote the growth of the blockchain ecosys­tem in the city and the devel­op­ment of the Busan Dig­i­tal Asset Exchange.

See relat­ed arti­cle: Issue tokens lat­er for growth, not for ini­tial fundrais­ing, advis­es Binance chief Chang­peng Zhao

Fast facts

  • “Through our indus­try-lead­ing posi­tion and tech­no­log­i­cal exper­tise, com­bined with the City of Busan’s strong sup­port for the blockchain indus­try, we hope to help grow cryp­to adop­tion with­in the city and beyond,” said Chang­peng Zhao, chief exec­u­tive offi­cer and founder of Binance.
  • Binance will pro­vide tech­no­log­i­cal and infra­struc­ture sup­port to the city of Busan and bol­ster blockchain-relat­ed research, edu­ca­tion and invest­ments in the city.
  • Binance is also plan­ning to estab­lish a pres­ence in Busan to posi­tion the city to become a dig­i­tal hub of Asia.
  • Busan, South Korea’s sec­ond most pop­u­lous city, was des­ig­nat­ed as a “blockchain reg­u­la­to­ry-free zone” in 2020 — devel­op­ers can bring forth blockchain-relat­ed pro­pos­als or projects to the Busan city gov­ern­ment that may not be con­sid­ered else­where in the coun­try due to regulations.

See relat­ed arti­cle: South Korea’s top finan­cial reg­u­la­tor to accel­er­ate new cryp­to legislation

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