• Busan, South Korea, will be launching the world’s first decentralized digital commodity exchange in H2 2023.
• The exchange will tokenize intellectual properties, gold, ships, and real estate.
• The project is expected to kick off in February 2023, and a legal corporation will be established to carry out technical tests.
Busan, South Korea, is set to launch the world’s first decentralized digital commodity exchange as early as this year. This exchange, headed by Chairman Kim Sang-min and his promotion committee, will tokenize a variety of commodities such as intellectual properties, gold, ships, and real estate. The exchange is expected to start with tokenizing intellectual properties in movies and games due to the city’s rich cultural content like the Busan International Film Festival and G-Star video game exhibition.
This launch is part of the Seoul Metropolitan Government’s effort to promote a traditional asset center in the United States and then a digital asset center in Busan. To ensure a level playing ground for everyone, the tokenization of highly-priced assets is being implemented. The project is likely to kick off in February 2023 and the legal corporation will be responsible for the technical tests and eventually expanding the exchange offerings to blockchain-based digital assets.
Interestingly, the city shelved previous plans to launch a city-backed crypto exchange in order to prevent altercations with local regulators. This is a noteworthy move as Busan will now become the hub for digital commodities and tokenization of real world assets.
The promotion committee is optimistic about the project and believes that the tokenization of highly-priced assets will make it possible for anyone to trade on these assets with minimal capital. It remains to be seen if the project will be successful and if Busan will be able to establish itself as a leading city for digital commodities.