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Bithumb to invest over $8M in local ‘regulation-free’ zone for blockchain development

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South Korea’s largest cryptocurrency exchange Bithumb is set to invest 10 billion won (~$8.6 million) in Busan city’s “regulation-free” zone for blockchain development.

The country’s Ministry of SMEs and Startups announced the news on Thursday, saying that Bithumb will invest via its subsidiary GCX Alliance.

Bithumb and Korea's Financial Services Commission will discuss more details about the investment later this month, according to a report from News1 Korea. With the investment, Bithumb could launch several blockchain-based financial services in Busan, per the report.

Busan, Korea’s second most populous city, was declared a “regulation-free” zone for blockchain development by the ministry in August. At the time, the ministry said that Busan would host a wide range of blockchain offerings related to finance, public safety and tourism.

Just last month, Bithumb was hit with a massive tax bill of around $69.5 million by the country's National Tax Service.

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