Busan expands global blockchain city initiative with Cambodia

Busan Digital Asset Nexus (Bdan) CEO Kim Sang-min, right, and Securities and Exchange Regulator of Cambodia Chairman Sou Socheat pose after signing an agreement at Bdan's headquarters in Busan, Monday. The agreement aims to share Bdan's expertise in developing the blockchain city model to Cambodia. Courtesy of Bdan

Busan Digital Asset Nexus (Bdan), Korea’s only exchange dedicated to real-world assets (RWA), signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC), Monday, to export Busan’s “blockchain city” model.

The signing ceremony was held at the exchange’s headquarters in Busan. It was attended by Bdan CEO Kim Sang-min and company executives, alongside SERC Chairman Sou Socheat and other officials.

The exchange told The Korea Times that the agreement aims to share Bdan’s expertise in developing blockchain with the Cambodian government while laying the groundwork for substantive cooperation between the two parties.

“We are pleased to mark the first step in exporting Busan’s digital finance and blockchain city model infrastructure overseas,” Kim said. “Busan will continue to play a leading role in driving digital transformation not only across Asia but also in cities around the world, as a global hub for blockchain and digital finance.”

The two sides will conduct joint research to explore the application of Busan’s blockchain city model in Phnom Penh, Cambodia’s capital. The studies will include feasibility assessments as well as reviews of the legal and institutional frameworks needed for implementation.

Cooperation will extend across several key areas, including cross-listing of digital assets, tokenization of RWA and the exchange of technology and information to support regulatory development. The partnership will also include education and training in Web3, blockchain and fintech.

Since its official launch last October, Bdan has represented Busan’s vision for transforming the city into a world-class blockchain-driven hub. The initiative, titled “Target 2026 Blockchain City Busan,” aims to position the city as a global leader in blockchain technology.

The exchange is currently developing a Web3 wallet for Busan citizens in collaboration with Naver Pay and Hashed, with the goal of fully digitizing the city through blockchain by 2035. The wallet, tentatively named “Bdan Pouch,” is expected to enable citizens to make payments, verify their identities and invest in crypto and RWAs.

The exchange also aims to create a new economic engine for Busan by exporting the city’s digitalization. Starting with Cambodia, it plans to accelerate the international rollout of its blockchain city model. Discussions have been underway since the launch of the Asia Digital Asset Exchange Alliance last October, which brought together members from Japan, Singapore, Malaysia, Thailand and Cambodia.

“We would likely be the first to achieve digital transformation on a megacity of this scale,” Kim said in a recent interview with The Korea Times.