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).

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<