Busan Chamber of Commerce and Industry Establishes 'Special Advisory Committee on Blockchain Industry' to Develop Strategy for Advancing as a Financial Specialized City

Published 21 Apr.2022 18:33(KST)

Updated 10 Aug.2025 11:21(KST)

Busan Chamber of Commerce and Industry.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] The Busan Chamber of Commerce and Industry is operating the ‘Busan Blockchain Industry Special Advisory Committee,’ which includes many experts and businesspeople from the Seoul metropolitan area, to revitalize the local financial industry.

The argument that it is necessary to establish a development strategy for a finance-specialized city where industry and finance are integrated through blockchain technology, the future of the financial industry, moving away from the concept of a financial hub, is gaining credibility.

On the 21st, the Chamber of Commerce held an appointment ceremony for the Busan Blockchain Industry Special Advisory Committee, composed of local and metropolitan experts and related businesspeople, in the 8th-floor conference room of the Busan Chamber of Commerce, and held the first meeting.

Advisory committee members include Kim Tae-kyung, Chairman of the Busan Blockchain Industry Association; Seol Jae-geun, Senior Vice Chairman of the Korea Blockchain Association; Kim Ho-won, Director of the Blockchain Platform Research Center at Pusan National University; and representatives of companies participating in the Busan Blockchain Regulatory Free Zone, totaling 14 experts.

The Busan Blockchain Industry Special Advisory Committee plans to present key directions for revitalizing the local blockchain industry ecosystem, proactively respond to major issues, and discover feasible strategic tasks.

At the first meeting, opinions were raised that since Busan is the only city in Korea equipped with the institutional foundation of the Blockchain Regulatory Free Zone and a financial hub, it should actively refer to the case of Zug City in Switzerland, which promotes itself as a Crypto Valley.

The advisory committee agreed on the need to lower business entry barriers for companies by fully adopting a negative regulation approach and to expand and reorganize the current Busan Blockchain Special Zone into a ‘National Blockchain Business Special Zone’ to create a blockchain cluster that can concentrate related companies.

In addition, various ideas were discussed to advance Busan as a new concept of a finance-specialized city based on fostering the blockchain industry, including ▲building a blockchain ecosystem to revitalize business such as attracting offshore companies ▲establishing and attracting a blockchain policy coordination organization within the special zone ▲institutional improvements to activate the blockchain special zone such as designating an international blockchain free city ▲and establishing a ‘Busan Real Estate Trust Company’ based on blockchain.

Jang In-hwa, Chairman of the Busan Chamber of Commerce and Industry, said, “We will set a new goal as a finance-specialized city in line with future financial industry trends and attract offshore companies by integrating blockchain technology, the future of the financial industry, into various sectors of the industry.”