TechFlow news — The Busan Metropolitan Government and the Busan Digital Asset Exchange Establishment Promotion Committee held their first meeting today, announcing their vision to establish the world's first decentralized digital commodities exchange, ultimately evolving into a fully decentralized fair exchange where all products can be tokenized and traded via blockchain technology.
Leveraging Busan’s cultural strengths such as the Busan International Film Festival and G-Star, the city plans to tokenize assets including films, game IPs, gold, precious metals, agricultural and livestock products, ships, and real estate for trading on the decentralized digital commodity exchange, with operations expected to begin within 2023.
The initiative will integrate capabilities from domestic financial institutions and digital asset exchanges that have expressed interest in participating in establishing the Busan Digital Asset Exchange. The committee plans to build a transaction support system in the near future, accelerating follow-up actions such as incorporating a legal entity in February and launching system testing within the year.
As previously reported, the Busan Digital Asset Exchange established its promotion committee last December. The city intends to implement a privately-led project: by the first half of 2023, an asset management company will be selected to operate the “Busan Digital Asset Exchange Fund,” and the fund will be established. It will also recruit exchange members to secure initial capital. Based on this, a holding company for the exchange will be incorporated in the first half. In the second half of 2023, an exchange subsidiary and market oversight body will be formed, and registration as a virtual asset service provider will be filed. The Busan government plans to invest only a minimal equity stake for promotional purposes and will later sell its shares to private sector entities after the exchange is established.Original link
