The South Korean city of Busan, which is called the blockchain capital of the country, intends to open its own local cryptocurrency exchange and abandon most of the global centralized exchange partners.
This decision was made by the authorities due to the recent default of the FTX crypto exchange, which was one of the key partners of the city authorities. The authorities are setting up an ad hoc committee of 18 local blockchain experts — but it will not include representatives from the five exchanges that this year agreed to help Busan create the first official digital asset exchange: FTX, Binance, Gate.io, Crypto.com and Huobi Global.
The Committee will become a municipal advisory body that will make recommendations on the creation of a crypto exchange and strengthen the system of external cooperation. One of the committee members said that the decision to eliminate third parties when creating their own crypto exchange was made precisely because of the instability in the market and a series of bankruptcies among industry participants. At the same time, the committee said that the exchanges contracted to help Busan have never been an indispensable part of the blockchain initiative.
Own crypto-exchange will have to separate digital assets into securities and non-securities, as well as form a market management organization responsible for analysis, listing, monitoring and supervision.
Earlier, the Ministry of Science and Information Technology of South Korea (MSIT) published a strategy for the development of Web3 and metaverses, outlining ethical principles for industry operators.
Source: Bits
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