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Binance will help build the first exchange backed by the city of Busan in South Korea

Cryptocurrency exchange Binance and the city of Busan in South Korea announced a new partnership on Friday (26). This initiative will serve to assist the city in building and developing the Busan Digital Asset Exchange

Cryptocurrency ban

In February this year, the Taliban said they would assess the possibility of allowing crypto trading within the financial practices of Islam. The United Arab Emirates, for example, has allowed crypto-active trading in the Dubai Free Trade Zone since September 2021. In December 2021, the country approved Binance’s operations in its territory.

Binance to have greater presence in Busan

In Binance’s statement, the exchange also said it plans to establish a greater presence in Busan, aiming to position the city as a digital hub in Asia and a benchmark in the country.
For this reason, developers can submit proposals or blockchain-related projects directly to the Busan city government that may not be considered in other parts of the country due to regulations.

Regulation and taxes on cryptocurrencies in South Korea

South Korea recently announced new measures involving taxes and even a tax reform to regulate cryptocurrencies, however, these measures would not be enforced within Busan due to the city’s privileged position before the law.
In the face of the historic collapse of the earth, authorities have cracked down more firmly on cryptocurrency exchanges and companies in the country, occasioning a great deal of discontent and concern among cryptocurrency enthusiasts.
In recent weeks South Korea’s Financial Intelligence Unit, has blocked approximately 16 exchanges for not having the necessary registration with the country’s relevant authorities.

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