According to local news outlet News1, Busan, South Korea, set a decentralized digital commodity exchange. Officials said the platform is scheduled to go live this year and will support local cultural content through digital assets.
โTaking advantage of Busan's strengths, such as the Busan International Film Festival, G-Star; [the exchange] It will include the tokenization of intellectual property rights in the fields of cinema and games, as well as gold, precious metals, agricultural and livestock products, ships, real estate, etc.
According to the Busan Digital Asset Exchange Establishment Promotion Committee, the plan involves coordinating domestic financial companies and digital asset exchanges and building a transaction support system to serve as the foundation for the exchange.
โThe Busan Digital Asset Exchange has a decentralized fair exchange structure that is distinct from existing domestic virtual asset exchanges to protect investors to a great extent and lead digital innovation in various ways.โ
Part of the proposed fair design involves separating deposit settlement, price evaluation and market monitoring at different institutions similar to South Korea's existing stock trading system. Additionally, authorities said they want digital asset regulations to be as competitive as those in Singapore and Abu Dhabi. โWe will enact various guidelines applied within the special regulatory free zone after consulting with financial authorities, and we will actively present our views in the process of supplementing the digital asset law submitted to the National Assembly,โ the source wrote.
The committee is preparing to set up a corporation for the exchange starting in February and launch tests of the system. On Jan. 16, Cointelegraph also reported that the Seoul city government is opening your own municipal metaverse project for the public.
Post navigation
