Huobi signs MoU with City of Busan to foster blockchain growth

abdelaziz Fathi

Huobi, the world’s sixth-largest crypto exchange by trading volume, has inked a memorandum of understanding with the city of Busan in South Korea to promote blockchain use.

Huobi

As part of the agreement, the City of Busan will receive technical assistance and infrastructure support from Huobi for the development of the city’s blockchain ecosystem.

Another form of cooperation between the two parties will cover the provision of R&D, technology and financial support for the Busan Digital Currency Exchange. Huobi will also aid the city of Busan in the recruitment of global blockchain talent for the Busan local exchange.

Huobi, which has been operating in South Korea through a local office since 2019, will support projects and enterprises operating in the blockchain regulatory-free zone in Busan.

To reinforce its commitment, Huobi will also be the main sponsor for Busan Blockchain Week 2022, which will begin on October 27

Huobi Korea CEO Junyong Choi said, “We’re excited to be working with the city of Busan to transform it into a global digital assets hub. We believe that Busan has strong attributes for fostering innovation and growth, and share their belief that blockchain technologies can transform and benefit traditional industries. We look forward to leveraging our expertise and experience to grow blockchain adoption in the city and across the region.”

On the lookout for expansion

Heong-Joon Park, Mayor of Busan, said, “The City of Busan is pleased to partner with Huobi to foster the growth of our blockchain ecosystem. As a blockchain regulation-free zone, Busan offers a conducive environment to develop the latest digital financial technologies, which has attracted many blockchain companies from across the world. I hope Huobi will spread the word on Busan’s strong environment and support for digital finance, so that we can draw more blockchain talent to our city.”

Huobi has been trotting the globe in search of new markets to establish a foothold via mergers and strategic alliances. Most recently, it had been given a licence by the Australian Transaction Reports and Analysis Centre (AUSTRAC) to operate as a digital currency service provider.

Huobi, a former ‘big three’ platform in China, has been making inroads into new regions as it anticipates a 30% revenue plunge after it has completely shut down its trading for mainland investors. The Seychelles-based crypto exchange also suspended Bitcoin mining services and sales of mining equipment in China. Additionally, Huobi moved its spot-trading business to Gibraltar.

South Korea sets two main necessities for digital asset companies to fulfill. Upon completing real-name verification and partnering with a local bank, digital assets platforms are required to acquire a license from the country’s Financial Intelligence Unit (FIU). This is a unit of the Financial Services Commission (FSC), the country’s top financial regulator. On top of these stricter rules, crypto exchanges must obtain a security certificate from the Information Security Management System (ISMS).

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