One of the most prominent cities in South Korea, Busan has been on top of cryptocurrency and blockchain technology adoption.
It has aimed to become one of the largest and most advanced hubs for the crypto-blockchain industry. For this purpose, the city started working on a Digital Exchange Plan.
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The city has been busy forming a local cryptocurrency exchange but has changed its initial plan.
Global Exchanges are Almost Out
When the city came up with the plan, it included and partnered with several centralized exchanges all across the globe.
As the city’s plan comes to its final phase, it has decided to make drastic changes. It plans to remove most of the global centralized exchange partners from its plan.
It is highly concerning for the global centralized exchanges to have been dropped from the entire agenda. As per the global exchange platforms, they thought they were part of the plan.
However, Busan officials have decided on their own, and they have decided to leave only some of the centralized exchanges.
Why the Change?Â
The only reason why the city has decided to remove the centralized exchange partners is because of the uncertainties involving the platforms.
It is not the particular exchanges but the entire centralized industry that has raised many flags recently.
South Korea has been extremely friendly towards the cryptocurrency industry and the crypto firms. However, the regulatory authorities in the country are also very concerned about the well-being of their local investors.
With the constant downtrends in the cryptocurrency industry plus the FTX crash, South Korea is forced to take strict measures.
The city wants to avoid causing problems in its ultimate goal of becoming the largest digital exchange in the entire world. Therefore, it is taking no risks regarding centralized cryptocurrency exchanges.
FTX exchange was also a centralized cryptocurrency exchange and faced a major crash. Busan has learned the lesson from the FTX crash and does not want to take such risks.
Busan Announced the Steering Committee
The officials at Busan City recently announced all the members who will be part of the steering committee. They will be responsible for overseeing the crypto-blockchain projects in the city.
Their responsibility will be to ensure that every project in the city expands and thrives using all available resources made available to them.
Initially, it was expected that Busan City would include major centralized exchanges as members of the steering committee.
However, the exchanges still need to make it to the committee comprising 18 experts from the local blockchain market.
Major Centralized Exchanges out of the List
The international exchanges expected to be part of the committee were FTX, Huobi Global, Gate.io, Crypto.com, and Binance.
Even if the FTX exchange suffered the crash, the rest should be on the list. However, the Busan City officials have not taken any risks showing no compromise over the safety of their investors’ funds.
Therefore, they have removed all major exchanges as the partners of the digital exchange plan. The city will continue to fulfil its goal, but these exchanges will not be part of that.
The Steering Committee
The steering committee will provide advice on the operations and establishment of the digital exchange hub.
They will be acting as the advisory body to which the projects opening up in Busan City would be answerable.
Busan City is Expanding Since 2019
It was back in 2019 when South Korea announced that Busan City would become the global crypto exchange.
After the official announcement, it was confirmed that Busan City would be a regulatory-free zone. This means that the blockchain technologies offering great utility will be able to operate in the city.
The city is still sticking with the policy and is no longer interested in working with centralized entities.
s aimed to become one of the largest and most advanced hubs for the crypto-blockchain industry. For this purpose, the city started working on a Digital Exchange Plan.
The city has been busy forming a local cryptocurrency exchange but it has made changes to its initial plan.
Global Exchanges are Almost Out
When the city came up with the plan, it included and partnered with several centralized exchanges all across the globe.
As the plan of the city comes to its final phase, it has decided to make drastic changes to its plan. Turns out that it is planning to remove most of the global centralized exchange partners from its plan.
It is extremely concerning for the global centralized exchanges to have been dropped from the entire agenda. As per the global exchange platforms, they were under the impression that they were part of the plan.
However, Busan officials have made a decision on their own and they have decided not to include most of the centralized exchanges.
Why the Change?
The only reason why the city has decided to remove the centralized exchange partners is because of the uncertainties involving the platforms.
It is not the particular exchanges but the entire centralized industry that has raised many flags in recent months.
South Korea has been extremely friendly towards the cryptocurrency industry and the crypto firms. However, the regulatory authorities in the country are also very concerned about the well-being of their local investors.
With the constant downtrends in the cryptocurrency industry plus the FTX crash, South Korea is forced to take strict measures.
The city does not want to cause problems in its ultimate goal of becoming the largest digital exchange in the entire world. Therefore, it is taking no risks when it comes to centralized cryptocurrency exchanges.
FTX exchange was also a centralized cryptocurrency exchange and it ended up facing a major crash. Busan has learned the lesson from the FTX crash and does not want to take such risks.
Busan Announced the Steering Committee
The officials at Busan city recently announced all the members who will be part of the steering committee. They will be responsible for overseeing the crypto-blockchain projects in the city.
Their responsibility will be to ensure that every project in the city expands and thrives using all available resources made available to them.
Initially, it was expected that Busan City will include major centralized exchanges as members of the steering committee.
However, none of the exchanges made it to the committee that now comprises 18 experts from the local blockchain market.
Major Centralized Exchanges out of the List
The international exchanges that were expected to be part of the committee were FTX, Huobi Global, Gate.io, Crypto.com, and Binance.
Even if it was the FTX exchange that suffered the crash, the rest should be on the list. However, the Busan City officials have not taken any risks showing no compromise over the safety of their investors’ funds.
Therefore, they have removed all major exchanges as the partners of the digital exchange plan. The city will go on to fulfill its goal but these exchanges will not be part of that.
The Steering Committee
The steering committee will be responsible for providing advice involving the operations and establishment of the digital exchange hub.
They will be acting as the advisory body that the projects opening up in Busan City would be answerable to.
Busan City is Expanding Since 2019
It was back in 2019 when South Korea announced that Busan City would become the global crypto exchange.
After the official announcement, it was confirmed that Busan City will be a regulatory-free zone. This means that the blockchain technologies offering great utility will be able to operate in the city.
The city is still sticking with the policy and is no longer interested to work with the centralized entities.
