Korea’s daily crypto trading volume surpasses that of stocks at nearly $9B

Busan BDX Consortium named preferred bidder for Digital Asset ExchangeIn the latest development of Busan’s initiatives in the blockchain industry, the Busan BDX Consortium has been named the preferred bidder for the project aimed at setting up and operating the Busan Digital Asset Exchange (BDX).The South Korean port city of Busan organized a bidding competition for the project, whose application deadline was Nov. 28. This competition saw participation from two companies. Following this, a project proposal evaluation committee was recently assembled to review the presentations of these bidders at the Busan International Finance Center (BIFC).The selection of the Busan BDX Consortium as the preferred bidder was made after an evaluation process where 90% of the assessment criteria were qualitative and the remaining 10% were based on quantitative factors. The consortium is led by Itcen, a Seoul-based tech company that specializes in digital transformation.Photo by Pang Yuhao on UnsplashNegotiations and future stepsBusan City will now promptly enter into negotiations with the consortium, with the goal of finalizing its decision before the end of this year. Following the selection, Busan intends to sign a business agreement with the chosen bidder in January to move forward with the project.BDX is a platform designed to use blockchain technology for the digitization and trading of assets linked to Busan’s infrastructure in logistics, culture and finance. It is planned to be a fully private entity, a decision aimed at fostering freedom and creativity in its operations. Meanwhile, the city will offer administrative and financial support in accordance with its local ordinances.Son Seong-eun, who leads the Finance and Start-up Policy Bureau of Busan City, remarked that the development of BDX is set to establish a solid foundation for the blockchain industry and enhance the region’s economic growth. Aiming to establish Busan as a leading global blockchain hub, the city is committed to providing ongoing support for the new digital exchange, Son added.Blockchain to encourage volunteeringBesides the BDX project, Busan is also leading another blockchain initiative. Starting next year, the city will test a blockchain-based platform designed to manage and track volunteer experience points for its residents.The platform being developed by Busan will facilitate the connection between individuals seeking volunteer assistance and those who participate in volunteer activities. Its goal is to foster a virtuous cycle that contributes positively to society, enhancing the efficiency and impact of volunteer efforts within the community.Citizens will be able to accumulate points on the blockchain platform by participating in socially beneficial activities like distributing staple goods and contributing to carbon emission reduction. These points can then be redeemed for various benefits like attending concerts or accessing public parking lots. This endeavor to encourage volunteering is set for a full-scale launch in 2025.

Hong Kong Legislator Courting US Crypto Exchange CoinbaseRecently, Johnny Ng, a member of the Hong Kong Legislative Council, expressed his interest in the future development of Coinbase, a major US cryptocurrency exchange, in Hong Kong. In a tweet today, Ng said that he had been in contact with Coinbase and that he would keep the public updated on further progress.Photo by Ruslan Bardash on UnsplashNg’s invitation to crypto exchangesThis tweet follows Ng’s earlier invitation to Coinbase and other global crypto trading platforms to apply for licenses in Hong Kong. His comments are in line with Hong Kong’s efforts to become a hub for cryptocurrency and blockchain-related activities. As of June 1, a new licensing regime for centralized virtual asset trading platforms (VATPs) went into effect in the Chinese special administrative region.Differing opinionsDespite the enthusiasm shown by Ng, there are differing opinions on Hong Kong’s current suitability as a crypto-friendly jurisdiction. Leo Weese, the co-founder and President of the Bitcoin Association of Hong Kong, expressed reservations in an interview with crypto media outlet CoinDesk.Weese described Hong Kong’s current setup as “highly unattractive” for crypto businesses. He cited factors such as a relatively small and untested market, limited banking partnerships, and restrictive product offerings.Despite these challenges, Weese acknowledged some potential advantages, stating that Hong Kong’s classification of tokens as non-securities allows for the trading of securities that are deemed unregistered in other jurisdictions. It is important to note, however, that Weese cautioned against assuming that moving operations to Hong Kong would protect Coinbase from US regulatory measures.Moody’s altered outlook on CoinbaseMeanwhile, Moody’s, the American credit rating agency, recently revised Coinbase’s outlook from stable to negative, citing uncertainties surrounding the impact of the US Securities and Exchange Commission’s (SEC) charges on Coinbase’s operation as an unregistered securities broker.

Blockchain and fintech company Dunamu has decided to release videos and presentations from the Upbit D Conference (UDC) 2023 — one of the biggest blockchain events in the country this year — for free on the official UDC YouTube channel, as stated in an official press release on Tuesday (KST). According to the company, it aims to support and revitalize the blockchain industry by making the content publicly available, although the offline event had an admission fee.Photo by Andrei Stratu on UnsplashExpert insightsNow in its sixth year, UDC has evolved into a comprehensive conference covering not only technology, but policies, finance and culture as well. Touting the slogan “All That Blockchain,” this year’s event brought together 39 local and international experts to present an in-depth vision of the trajectory of the blockchain industry. The conference featured a series of sessions led by key industry figures such as Matt Sorg, Head of Technology at the Solana Foundation; Roger Ver, founder of Bitcoin.com; and Oh Se-hyeon, Executive Vice President of SK Telecom, who spoke on various topics like AI, blockchain and Web3. Active online participationThis year’s UDC was also the first to be held both on and offline in a hybrid format to expand access for a bigger audience. The offline event was held at the Grand Walkerhill Seoul hotel on Nov. 13 and was streamed via YouTube. It attracted a record number of online visitors, with more than 100,000 total views on the livestream and up to 10,000 viewers watching at once. The online sessions featured guests like Laura Shi, Head of International Expansion at Consensys, who explained the convenience of using digital asset wallets for managing digital asset transactions. In addition, Pacman Blur, Core Contributor at Blur, touched on the future of NFTs and their role in Web3 ecosystems. A summary of the conference’s events and discussions can be found in the UDC 2023 Report, which is available in both Korean, English and Chinese on the UDC website. “We hope that content from UDC 2023 will bring knowledge and vision of blockchain to more people,” the company said.UDC has become increasingly popular since its inception, with more than 23,100 attendees participating over the last six years. All of the videos from this year’s conference have racked up a cumulative view count of 1.28 million as of November.