South Korea plans to make Busan the biggest crypto hub in the world

In Brief

South Korea partnered with Binance, FTX, and Huobi to develop the blockchain sector of Busan

Busan will host a Blockchain Week starting on October 27, 2022

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South Korea plans to make the City of Busan the biggest crypto hub in the world.

The government has recently partnered with crypto exchange platforms FTX and Huobi, which already relocated more than 1,500 employees to the city. 

In August, Busan signed an agreement with the largest cryptocurrency exchange Binance. The latter plans to provide technological and infrastructure support to develop the city’s blockchain sector. Additionally, Binance will assist in the organization of the Blockchain Week in Busan, which starts on October 27, 2022.

The Mayor of Busan, Heong-Joon Park, also plans to introduce the Busan Digital Asset Exchange, which will become the globally integrated platform for digital assets. 

“By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,”

said Heong-Joon Park. 

At the time of writing, the city hosts approximately 3.5 million residents. However, the Mayor plans to attract more blockchain-expert residents by introducing tax incentives. 

In 2019, the government created special zones for blockchain companies and crypto businesses, making the South Korean city a great hub for crypto companies. As of September 27, 465 South Korean blockchain-related businesses are registered in Busan. 

In 2020, South Korea provided Busan residents with cryptocurrency wallets and blockchain passports. In May this year, the country invested approximately $177 million to develop a Metaverse that would provide virtual public services and more. 

These moves make Busan one of the most crypto-friendly cities in the world, following Switzerland’s Zugo canton in the classification. 

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Valeria Goncharenko

Valeria is an Italy-based writer passionate about Web3 and innovation. She is getting her second Major in International Business Management while dedicating her spare time to photography and fashion.

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