{"id":529498,"date":"2022-12-20T12:43:03","date_gmt":"2022-12-20T09:43:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/busan-city-drops-global-crypto-exchanges-from-its-digital-exchange-plans\/"},"modified":"2022-12-20T12:43:03","modified_gmt":"2022-12-20T09:43:03","slug":"busan-city-drops-global-crypto-exchanges-from-its-digital-exchange-plans","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/busan-city-drops-global-crypto-exchanges-from-its-digital-exchange-plans\/","title":{"rendered":"# Busan city drops global crypto exchanges from its digital exchange plans"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30721bb29e0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30721bb29e0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/busan-city-drops-global-crypto-exchanges-from-its-digital-exchange-plans\/#%E2%80%9D_Busan_city_drops_global_crypto_exchanges_from_its_digital_exchange_plans_%E2%80%9C\" >&#8221; Busan city drops global crypto exchanges from its digital exchange plans  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Busan_city_drops_global_crypto_exchanges_from_its_digital_exchange_plans_%E2%80%9C\"><\/span>&#8221; Busan city drops global crypto exchanges from its digital exchange plans  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvNTI4ZjZkYzctOWFhYy00ZDRkLTgwNjctYTMxY2E3MTE3NWM4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of centralized exchanges.<\/p>\n<p>The city <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.busan.go.kr\/resource\/preview_skin\/doc.html?fn=BBSTY3_ATTACH_1550740_1&amp;rs=\/resource\/preview_result\/202212\">announced <\/a>the steering committee comprising 18 local blockchain experts but none of the five exchanges that had agreed earlier this year to assist the city in establishing its first official digital asset exchange. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX.<\/p>\n<p>The steering committee is a municipal advisory body tasked with providing advice on the establishment and operation of the digital asset exchange, as well as strengthening the system of external cooperation.<\/p>\n<p>The possible elimination of global crypto exchanges from Busan city\u2019s plan was visible in the wake of FTX\u2019s meltdown. The city administration was having second thoughts on the inclusion of such private exchanges in their plans but was confident of moving ahead with their blockchain goals without the need for third-party assistance.<\/p>\n<p>One of the committee members noted that the problems with the crypto exchanges such as \u201cFTX and other major global exchanges seem to have influenced [the decision],\u201d Another member said that the exchanges were never an integral part of the city\u2019s plan and were only needed for offering initial liquidity.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan<\/em><\/strong><\/p>\n<p>Busan City intends to establish an exchange that divides digital assets into securities and non-securities, as well as a market management organization in charge of listing and evaluation, market monitoring and supervision, and deposit and settlement. After creating an established fund in the first half of the next year, the city decided to recruit members.<\/p>\n<p>In July 2019, Busan City was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.busan.go.kr\/eng\/bsnews01\/1390496\">officially <\/a>designated as a regulatory-free zone for blockchain technologies. The city plans to implement various blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications in industries such as tourism, finance, logistics, and public safety. Since then, the local government has been actively pursuing its blockchain plans, announcing in late 2019 the development of a blockchain-based digital currency in collaboration with telecom giant KT.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/busan-city-drops-global-crypto-exchanges-from-its-digital-exchange-plans\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Busan city drops global crypto exchanges from its digital exchange plans &#8220; Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":529499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/528f6dc7-9aac-4d4d-8067-a31ca71175c8.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74894,74863,74860,135234,70934],"class_list":["post-529498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ftx","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=529498"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529498\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/529499"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=529498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=529498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=529498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}