Crypto exchange Gate.io signed a memorandum of understanding (MoU) on Wednesday with the South Korean city of Busan to help develop blockchain infrastructure in the city.

Under the agreement, Gate.io will assist Busan in developing its budding crypto industry. Terms weren't disclosed.That assistance will include promoting the city's initiative to develop local blockchain activity and helping Busan develop, operate and distribute a local stablecoin.Gate.io will also help to establish and operate the upcoming Busan Digital Asset Exchange. Crypto exchanges Binance, Huobi and FTX have previously signed such MoUs.Busan was approved as a "regulation-free blockchain zone" by the South Korean government in 2019. As a result, the city started a push to become a blockchain hub.Gate.io also plans to expand its South Korean operations beyond Busan to stimulate the blockchain industry's growth and enhance its services nationwide, representatives told CoinDesk in a emailed statement.Busan also signed an MoU with Crypto.com. The cryptocurrency exchange said it plans to establish a workforce presence in the city.

UPDATE (Oct. 27, 09:47 UTC): Adds Crypto.com in last bullet point.