Crypto.com, Gate.io Ink Deal to Help S Korean City Build ‘Digital Asets’ Exchange
The South Korean city of Busan is inching closer to the launch of what could become the world’s first city-run crypto exchange – and has signed collaboration deals with the centralized exchange (CEX) giants Crypto.com and Gate.io.
The deals follow on the heels of similar agreements penned by the city in recent months with fellow crypto exchange heavy hitters Binance, FTX, and Huobi.
In a press release, the city explained that the Busan Mayor, Park Hyung-joon, had met with top executives from Crypto.com and Gate.io at a signing ceremony, where the former pledged to provide support for Busan-based blockchain technology startups. Gate.io, meanwhile, explained that it wanted to train 1,000 blockchain engineers per year in Busan as it seeks “mutual cooperation and investment” opportunities.
As part of the deal, the CEXs will provide the city with technological and infrastructure-related support as Busan looks to build what it calls the Busan Digital Asset Exchange.
The city has officially been a “blockchain regulation-free zone” for several years. But until recently, the central government had insisted that public blockchain, coin launch-related projects, and crypto-related business should be shunned in favor of closed, private blockchain-based alternatives.
The deal will also see both exchanges set up offices in Busan. The Binance, FTX, and Huobi deals also saw similar provisions made. Huobi already has a South Korean exchange, but it is yet to obtain the banking partnership deal it would need to open fiat KRW markets. Huobi Korea currently offers only crypto-crypto trading.
However, the high-volume South Korean crypto market is currently dominated by domestic players. The nation has strict licensing rules for domestic layers, and
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