An agreement known as a Memorandum of Understanding (MoU) has reportedly been struck between the city of Busan in South Korea and the largest cryptocurrency exchange platform in the world Binance.

Binance will offer Busan technical and infrastructural assistance in order to facilitate the growth of the blockchain ecosystem in the city, as well as the promotion of the Busan Digital Asset Exchange and the sharing of order books.

The Mayor of Busan, Heong-Joon Park said:

With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a globally integrated platform for digital assets. By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.

Binance has high expectations that it would be able to contribute to the expansion of cryptocurrency adoption not just in Busan but also beyond its borders by virtue of its market-leading position and technical prowess, as well as the city’s strong support for the blockchain sector.

CZ (Changpeng Zhao), CEO and Founder of Binance, said:

We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.

In the early part of this week, the exchange collaborated with the government of the Philippines in order to implement legislation that would control the cryptocurrency industry. The announcement that the company had signed a memorandum of understanding with the Ministry of Digital Development of the Republic of Kazakhstan was made back in May.