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One of the most important exchange partners for Busan city was FTX, however after its recent bankruptcy, the administration decided against bringing in further cryptocurrency exchanges.
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The blockchain capital of South Korea, Busan, has ditched the majority of its global centralised exchange partners but has made progress toward establishing a local cryptocurrency exchange.
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The extreme action was taken in response to the recent catastrophic failure of controlled exchanges.
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The city announced a steering committee consisting of 18 local blockchain experts, but none of the five exchanges agreed earlier this year to help the city set up its first official digital asset exchange.
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The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX.
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The steering committee is a municipal advisory group entrusted with offering suggestions on the setup and management of the digital asset exchange as well as improving the system of external collaboration.
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In the wake of FTX's collapse, it was evident that the city of Busan may be planning to exclude international cryptocurrency exchanges.
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The city government had second thoughts about including such private exchanges in their plans, but they were convinced that they could advance their blockchain objectives without outside help.
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Busan City received official recognition as a regulatory-free zone for blockchain technologies in July 2019.
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The city intends to use a number of blockchain applications in public safety, logistics, tourism, and finance.
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