The FTX crisis in November last year pushed many crypto exchanges to restructure. In particular, the crises that led to the loss of confidence of crypto investors brought the need for regulation to the fore in the new year. Many countries maintain regulations for crypto exchanges to act within a scrutiny. Recently, Indonesia announced plans to create a national cryptocurrency exchange as part of its crypto regulatory reform. A similar move is coming from South Korea, which is also on the Asian continent.
The Busan Digital Asset Exchange Establishment Promotion Committee said it plans to create a functional exchange by the end of the year. As announced by the Busan Digital Asset Exchange Establishment Promotion Committee, the plan; It includes coordinating digital asset exchanges with local financial companies and establishing a transaction support system that will serve as the basis for the exchange. In the statement made by the committee, it was stated that:
“Busan Digital Asset Exchange has a decentralized fair exchange structure that differs from existing local virtual asset exchanges to heavily protect investors and lead digital innovation in various ways.”