According to local news News1, Busan, South Korea will create a decentralized digital commodity exchange. Officials said the platform is scheduled to begin operations this year and will support local cultural content through digital assets.
“Using the strengths of Busan, such as the Busan International Film Festival, G-Star; [the exchange] will include the tokenization of intellectual property rights in the field of movies and games, as well as gold, precious metals, agricultural and livestock products, ships, real estate, etc.
As stated by the Busan Digital Asset Formation Promotion Committee, the plan includes coordinating domestic financial companies and digital asset exchanges and building a transaction support system that forms the basis for the exchange.
“Busan Digital Asset Exchange has a decentralized fair exchange structure that is different from existing domestic virtual asset exchanges to protect investors boldly and lead digital innovation in various ways.”
Part of the proposed fair design includes separating deposit settlement, listing evaluation and market monitoring into different institutions similar to the existing stock trading system in South Korea. In addition, authorities say they want digital asset regulations to be as competitive as those in Singapore and Abu Dhabi. “We will implement the various guidelines that apply to the special regulation-free zone after consultation with the financial authorities, and actively submit opinions in the process of adding to the digital asset law sent to the National Assembly,” the source wrote.
The committee is preparing to create a company for the exchange in early February and start testing the system. On January 16, Cointelegraph also reported that the Seoul city government opened its own municipal metaverse project to the public.