Widus Partners Forges Strategic Partnership with Busan Digital Asset Exchange for 2024 Launch and Expansion

Below is an English translation of an article from the Seoul Economic Daily

On the 21st, the city of Busan signed a business agreement with Busan BDX Consortium for the establishment and operation of the “Busan Digital Asset Exchange”.

To facilitate the establishment and operation of the digital asset exchange, the city of Busan, among others, has decided to promptly pursue the establishment of a corporation (Busan BDX) within the blockchain regulatory sandbox in Busan.

In the future, the two entities will collaborate to establish a consultative body for stable business execution and implement decentralized governance to ensure public integrity. The agreement is set for 20 years and may be extended by mutual agreement. Busan BDX will inherit all rights and obligations as per the agreement.

Last September, the city of Busan announced its business solicitation policy, selected the Busan BDX Consortium as the preferred negotiation partner through business evaluations, and recently reached an agreement on the establishment and operation of the digital asset exchange.

The Busan BDX Consortium, led by its representative company ITCEN, includes Hana Securities, Hana Bank, OCON, Bareunson, and Widus Partners. Physical goods and intellectual property (IP) will be supplied to the Busan Digital Asset Exchange in the future.

Widus Partners, a cross-border investment and advisory firm, is expected to support the overseas expansion and the establishment of global partnerships for the exchange.

The Busan Digital Asset Exchange is expected to become a fourth-generation blockchain exchange where all values are tokenized and traded in a decentralized governance system aimed at protecting investors.

Decentralized governance is a regulatory mechanism that protects investors at the source through mutual checks and balances by independent bodies for custody settlement, listing evaluation, and market surveillance functions. The city will devise and visualize implementation plans through collaboration with businesses and aims to do so by the end of the year.

In particular, the Busan Digital Asset Exchange will support the trading of all assets, including raw materials, precious metals, intellectual property, and carbon emissions rights, in small units 24 hours a day using blockchain technology. Considering the ongoing regulation of digital assets, it plans to start with products free from regulation and gradually expand the scope of trading support.

Under this business agreement, the Busan BDX Consortium will strive for regional economic revitalization and job creation through the establishment and operation of the exchange, while the city of Busan plans to provide necessary cooperation and administrative support for the exchange business.

Mayor Park Hyung-jun stated, “With the establishment of the Busan Digital Asset Exchange, the foundation for Busan’s blockchain industry will be laid,” adding, “We will do our best to support the establishment and operation of the exchange so that Busan can leap into a global blockchain city.”