Binance CEO Changpeng Zhao Signs First Blockchain MoU with South Korea to Push Adoption

Binance has announced signing the Memorandum of Understanding (MoU) with the city of Busan in South Korea, stating that the city of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange.

The same was confirmed by Binance CEO Changpeng Zhao in a tweet that said, “Met with Mayor Park Heong-joon to sign the first blockchain MOU for Busan, Korea. Pushing adoption.”

Claiming to be “the world’s leading blockchain ecosystem behind the largest cryptocurrency exchange by trading volume,” on its website, Binance said that another form of cooperation between the two parties will be “order book sharing.”

Meanwhile, Heong-Joon Park, Mayor of Busan, said, “With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets.”

According to Busan, by making Busan a blockchain-specialized city that is attracting worldwide attention, the city will boost a new growth engine for the local economy and make it a global digital finance hub.

Binance Is Looking to Establish a Presence in Busan by the End of the Year

Binance is looking to establish a presence in Busan by the end of the year, which is expected to serve as a driving force for the city to become one of East Asia’s most vibrant digital hubs.

According to Binance, the company plans to develop and foster Busan City’s blockchain sector in several ways:

  • Utilizing Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses.

  • Supporting blockchain-related research and investments in the city.

  • Providing specialized blockchain education and online resources from Binance Academy.

  • Advancing initiatives that promote social well-being through Binance Charity.

  • Helping with the organization of Blockchain Week in Busan in 2022 (BWB 2022)

Zhao said, “We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.”

He continued, “Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.”

On the Flipside

  • While planning to push crypto adoption, the South Korean government is also keeping a tight grip on rules, regulations, and policies around crypto. Most recently, the government announced  that virtual asset airdrops can also be subject to the gift tax.

Why You Should Care

Both Binance and the Korean government are going to work on increasing crypto adoption through such collaborations. In fact, a local media report quoted a city official saying, “We decided to promote various projects using Busan’s ‘blockchain regulatory free zone’ together and cooperate with each other to foster the local blockchain industry.”

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.