The Crypto Valley of Asia, similar to that in Switzerland, is built in the Philippines’ Cagayan Special Economic Zone and Freeport. 25 cryptocurrency firms will operate in the area.
The Cagayan Economic Zone Authority (CEZA) is owned by the government. It partnered with Northern Star Gaming & Resorts Inc. to create the “Crypto Valley”.
“The CVA will consist of a 25-shop housing development inside the cyberpark developed in compliance with the strict security requirements for licensed overseas virtual exchanges (OVEs) located in CEZA. It will include co-working and living spaces, business incubation and acceleration hubs as well as back offices of OVEs and service providers to the global crypto space.”
Raul L. Lambino, CEZA administrator and CEO explained that the project “will serve to attract more foreign investors and global fintech players to CEZA and the Philippines.” and will help the Philippines “become one of the major offshoring destinations for fintech and blockchain related work.”.
Two licences were already granted to cryptocurrency firms. The authority expects to generate $68 million from licensing 25 cryptocurrency and fintech companies.
“Crypto Valley of Asia and CEZA will put the Philippines on the global map of fintech and blockchain. Similar to other progressive jurisdictions such as Zug of Switzerland, we will create an environment that fosters innovation, entrepreneurship and critical skills development thru education and BPO training.”