Former Congressman Kim Sang-min Appointed as the First CEO of Busan Digital Asset Exchange

CEO Kim Sang-min and Busan Mayor Park Hyeong-jun

Kim Sang-min (51), a former congressman, has been appointed as the first CEO of the Busan Digital Asset Exchange, according to the virtual asset industry. This decision was made at a board meeting held by the Busan Digital Asset Exchange on the 25th. Currently, Kim is serving as a blockchain policy advisor for the city of Busan and as the chairman of the Busan Blockchain Regulation-Free Special Zone Operating Committee. Through these roles, he has successfully led the entire process of establishing the Busan Digital Asset Exchange, based on his deep understanding of the blockchain industry.

The background of Kim’s appointment includes his extensive knowledge and experience in the blockchain field, his legislative activities related to finance and fintech, and his deep network in political and business circles. In particular, he dealt with various issues related to finance and fintech as a member of the 19th National Assembly’s Political Affairs Committee and has proven his management skills by currently serving as the vice chairman of Erom Inc.

The Busan Digital Asset Exchange plans to complete the establishment of a corporation within April with investments from a total of 11 consortium shareholders, including ITcen, Hana Bank, and Hana Securities. After a six-month preparation period, the exchange plans to start operating in October of this year. Initially, it will launch as a trading platform for tokenized commodities such as precious metals, raw materials, and carbon emission rights, with plans to expand its trading scope to include token securities and non-fungible tokens (NFTs) later on.

The exchange aims to introduce a decentralized governance structure, which would be a first among global virtual asset exchanges. The plan is to strengthen investor protection and public interest by having separate corporations handle functions such as custody settlement, listing evaluation, and market surveillance.

In his acceptance speech, Kim emphasized that the Busan Digital Asset Exchange will play a central role in transforming Busan into a world-class blockchain city and a global hub for digital finance. He added that the exchange would contribute to making the lives of citizens safer, more convenient, and beneficial.