Table of Contents
ToggleBusan Signs Cooperation Agreement with Cambodia to Export "Blockchain City" Model.
On August 12, the Busan Digital Asset Nexus (Bdan) - the only exchange in South Korea specializing in real-world assets (RWA) - signed a memorandum of understanding (MOU) with the Securities and Exchange Regulator of Cambodia (SERC). This agreement paves the way for exporting the "Busan Blockchain City" model to Phnom Penh, the capital of Cambodia.
According to Bdan, the goal of the cooperation is to share blockchain and digital finance infrastructure experiences that Busan has developed, while building a foundation for long-term collaboration between the two parties.
The signing ceremony took place at Bdan's headquarters in Busan, with the presence of CEO Kim Sang-min and senior company leaders, and SERC Chairman Sou Socheat along with several Cambodian officials. Mr. Kim emphasized: "We are proud to mark the first step in bringing Busan's digital finance and blockchain city model to the world. Busan will continue to play a pioneering role in digital transformation, not just in Asia but in many global cities."
"Blockchain City" Model Spreads to Southeast Asia
Within the framework of cooperation, both parties will jointly conduct research on the potential application of Busan's blockchain model in Phnom Penh. The research will include feasibility assessment, legal framework development, and management mechanisms to ensure effective implementation.
Additionally, the cooperation program will expand to key areas such as cross-listing digital assets, tokenization of RWA, technology and data exchange for policy development. Notably, Cambodia and South Korea will collaborate on Web3, blockchain, and fintech training for young human resources.
Busan Aims for "Global Blockchain City" by 2035
Since its official launch in October 2024, Bdan has become a symbol of Busan's vision: transforming South Korea's second-largest port city into a world-leading blockchain center. This strategy is part of the "Target 2026 Blockchain City Busan" initiative, with a long-term roadmap to move the entire urban infrastructure to a blockchain platform by 2035.
Currently, Bdan is developing a Web3 wallet for Busan citizens through collaboration with Naver Pay and blockchain company Hashed. This electronic wallet promises to become a payment, verification, and digital data management platform for the entire city.
According to the plan, Cambodia will be the first international destination in Busan's blockchain model expansion roadmap. After Phnom Penh, Bdan plans to continue seeking partners in other Southeast Asian countries before expanding to Europe and North America.
International Context: Competition to Build "Digital Mega Cities"
The Busan-Cambodia agreement occurs in a context where many countries are racing to build "digital mega cities". China has successfully tested the digital Yuan (e-CNY) payment system in Shenzhen, while Singapore is promoting the "Digital Singapore 2030" project.
Especially since Donald Trump's re-election and return to the White House in early 2025, the US has also launched strong support policies for blockchain and Web3 technologies to regain competitive advantages with Asia. Observers believe that Busan's export of the blockchain city model may create additional competitive pressure in the region.
In a recent interview, CEO Kim Sang-min affirmed: "Busan could become the first major city in the world to achieve comprehensive digital transformation based on blockchain. Our success in Cambodia will be the foundation for a global advance."
