'Bdan' Participates in 'KDX Consortium' as STO OTC Exchange Wins Preliminary Approval... “Busan to Leap Toward a Digital Finance Hub”

The KDX consortium, joined by Busan Digital Asset Exchange “Bdan,” has been selected as the preliminary approval candidate for the country’s first over-the-counter (OTC) exchange for security tokens (STOs). The decision is seen as establishing an institutional foundation for Busan to advance as a digital finance hub.

The Financial Services Commission (FSC) held its regular meeting on the 13th and approved the agenda for preliminary authorization for OTC brokerage of beneficiary certificates. As a result, the KDX consortium led by the Korea Exchange (KRX) and the NXT consortium were selected as preliminary approval candidates.

The KDX consortium, which includes around 40 companies, comprises major financial institutions such as the Korea Exchange, headquartered in Busan, and the BNK Financial Group (Busan Bank, Kyongnam Bank, and BNK Investment & Securities). With the participation of a large number of Busan-based digital finance and information technology (IT) firms—such as Busan Digital Asset Exchange Bdan, Sejong DX, and BDACS—it has also been referred to as the “Busan consortium.”

This preliminary selection is significant in that a decentralization-oriented model of financial innovation—one that brings together regional financial institutions and digital companies—has been officially recognized within the regulated framework, moving beyond the existing structure centered on the capital’s financial sector. If, after the full approval process, an STO OTC exchange is established in Busan, the city is highly likely to emerge as a substantive base for digital finance.

Busan has operated a blockchain regulatory sandbox zone and pursued various pilot projects. With this preliminary approval, those pilot experiences are expected to expand into the industrialization stage, and an ecosystem for digital-asset distribution and asset tokenization is anticipated to take shape in earnest. Analysts say this could create a virtuous cycle leading to corporate attraction, an influx of specialized talent, and the creation of new jobs.

In particular, development of asset tokenization products linked to Busan’s specialized industries—such as shipping, ports, logistics, and tourism—is expected to gain momentum. As an anchor company in the blockchain sandbox zone, Busan Digital Asset Exchange Bdan has operated seven digital precious-metals products, including gold and silver, and is also preparing to digitize coffee beans to help revitalize Busan’s signature coffee industry. Going forward, it plans to continue expanding digital-asset products backed by real-world assets linked to local industries.

Kim Sang-min, CEO of Busan Digital Asset Exchange, said, “With this selection, if Seoul is the center of traditional financial markets, Busan has gained an opportunity to build a differentiated standing as a digital finance hub,” adding, “As a member of the KDX consortium, we will do our utmost to help Busan leap forward as a global digital finance hub, based on our experience operating a distribution platform for digital assets backed by real-world assets.”