FTX used to be an exchange partner in the city of Busan, but its recent failure has caused the administration to reconsider its plans to integrate with other crypto exchanges.
Busan, the blockchain city of South Korea, has come close to creating a local crypto exchange but has lost several international exchange partners. The decision comes in the wake of a major failure of the central revolution.
The city announced a steering committee composed of 18 local blockchain experts, but none of the five exchanges agreed earlier this year to help the city establish its first official digital asset exchange. The five exchanges include Binance, Crypto.com, Gate.io, Huobi Global, and FTX. The Steering Committee is a local advisory body responsible for providing advice on the establishment and operation of the digital asset exchange, as well as strengthening external cooperation mechanisms.
The global crypto exchange may be wiped out by Busan city planning after the failure of FTX. Local authorities are skeptical about including these changes in privacy in their plans, but they are confident to continue with their blockchain goals without the need for other help.
One of the committee members said that issues in crypto exchanges such as “FTX and other global exchanges seem to be influencing [the decision],” Another said that the exchanges were not part of the plan country and it is only necessary to provide first liquidity.
The city of Busan plans to establish a stock exchange that separates digital assets into securities and non-securities, as well as a market administration office that is responsible for listing and analysis, monitoring and management of markets, as well as deposit and settlement.
After creating a stable income in the first half of the following year, the city decided to recruit members. In July 2019, the city of Busan was designated as a no-law zone for blockchain technology. The country plans to implement various blockchain applications in areas such as tourism, finance, military, and public security.
Since then, local authorities have been actively pursuing its blockchain project, announcing at the end of 2019 the development of a digital currency based on blockchain in collaboration with the telecommunications giant KT.
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