According to regional news outlet News1, Busan, South Korea will develop a decentralized digital products exchange. Authorities said the platform is set up to start operations this year and will support regional cultural material through digital possessions.

“Taking benefit of the strengths of Busan, such as the Busan International Film Festival, G-Star; [the exchange] will include tokenization of intellectual property rights in the film and video game fields, along with gold, precious metals, farming and livestock products, ships, real estate, etc”

As informed by the Busan Digital Asset Exchange Establishment Promotion Committee, the plan involves collaborating domestic monetary companies and digital asset exchanges and building a transaction support system serving as the basis for the exchange.

“The Busan Digital Asset Exchange has actually a decentralized fair exchange structure that is distinct from existing domestic virtual possession exchanges to secure financiers thickly and lead digital innovation in various ways.”

Part of the proposed reasonable style includes separating deposit settlement, listing examination and market tracking into various organizations similar to the existing stock trading system in South Korea. In addition, authorities stated they desire digital possession regulations to be as competitive as those in Singapore and Abu Dhabi. “We will enact different guidelines used within the unique regulatory totally free zone after seeking advice from the monetary authorities, and actively send our viewpoints in the process of supplementing the digital possession law submitted to the National Assembly,” the source wrote.The committee is preparing to establish a corporation for the exchange as early as February and launch system tests. On Jan. 16, Pandoraland likewise reported that the Seoul city government is opening its own local metaverse job to the general public.