On Friday, global crypto exchange Binance and the South Korean city of Busan launched a memorandum of understanding (MOU) to foster the expansion of the city’s blockchain ecosystem and the creation of the Busan Digital Asset Exchange.
“Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond,” said Changpeng Zhao, chief executive officer and founder of Binance.
Binance will provide the city of Busan with technological and infrastructure support, as well as blockchain-related research, education, and investment.
Binance also intends to create a presence in Busan in order to position the city as an Asian digital powerhouse.
Busan, South Korea’s second largest city, was classified as a “blockchain regulatory-free zone” in 2020, which means that developers can submit blockchain-related proposals or projects to the Busan municipal government that would not be approved elsewhere in the country due to laws.
The city is apparently planning to start its own digital asset exchange in 2027.