Busan has taken a significant step toward becoming a global digital hub, leveraging its status as Korea’s blockchain regulatory-free zone. At the Blockchain Week in Busan (BWB) 2024, Busan City and the Busan Digital Asset Nexus (BDAN) unveiled their vision for a future blockchain-powered smart city.
Launch of BDAN and Vision for Global Innovation
At BWB2024, Mayor Park Heong-joon emphasized blockchain as a key driver in the digital transformation era, stating, “We aim to position Blockchain City Busan as a global center for blockchain in Asia.” BDAN, Korea’s first publicly backed digital asset exchange, spearheads this vision, initially supporting precious metal-based real-world asset (RWA) tokens and planning future expansion into security token offerings (STO) and digital asset transactions.
With decentralized governance established through partnerships with major financial institutions and tech companies, BDAN is designed to ensure robust internal control and transparency. Its first product offerings will be precious metal RWA tokens, providing a trustworthy foundation for future digital asset transactions.
Acquisition of Sengold and Formation of the Global Digital Asset Alliance
To further broaden digital asset offerings, BDAN acquired Sengold, a platform specializing in trading gold, silver, and copper. Additionally, Busan has formed the Asian Digital Asset Exchange Alliance with five other Asian countries, including Japan, Singapore, and Thailand, to promote cross-border collaboration on blockchain regulations and shared expertise.
The Vision of Blockchain City Busan and Push for Global Hub Legislation
The BWB2024 event spotlighted the ‘Target 2026 Blockchain City Busan’ vision, aiming to establish the city as a global hub for both digital and real-world asset transactions. To attract capital and technology as a digital ecosystem, Busan is advocating for a “Global Hub City Special Law” to facilitate regulatory easing and provide incentives.
Mayor Park emphasized, “With BDAN, Korea’s first public-backed exchange, we will support Busan’s development into a thriving global hub city, open to the free movement of capital and talent.”
