The Philippines government is building Crypto Valley of Asia, a cryptocurrency and fintech hub similar to the one in the canton of Zug, Switzerland. The estate will be built at the Cagayan Special Economic Zone and Freeport in partnership with private property developer Northern Star Gaming & Resorts Inc. The zone is already set to accommodate 25 crypto firms that will operate within the area.
Building Crypto Valley of Asia
The Philippines government-owned Cagayan Economic Zone Authority (CEZA) has partnered with Northern Star Gaming & Resorts Inc. to develop a crypto and fintech hub called Crypto Valley of Asia (CVA).
This is “part of the government’s bid to foster a fintech ecosystem [to] attract international blockchain companies to set up shop in the country,” e27 reported Monday.
The publication elaborated:
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.
CEZA administrator and CEO Raul L. Lambino commented in an official press statement that this infrastructure “will serve to attract more foreign investors and global fintech players to CEZA and the Philippines.” It will help the country “become one of the major offshoring destinations for fintech and blockchain related work.”
Recently, the authority announced that it has granted two licenses to cryptocurrency firms. Seventeen companies in the crypto space have already paid in full and the authority is expected to generate $68 million from licensing 25 crypto and fintech firms.
Generating Economic Boom
“The goal is for the CVA to generate an economic boom that will allow more Filipinos to pursue careers in technology,” e27 conveyed, adding that third-party business providers (BPOs) will bring employment to the area.
Northern Star has committed to investing $100 million over the next 10 years and has already secured funds from several international and regional companies that will be located within the CVA, the news outlet noted. Chairman Enrique Gonzalez commented:
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.
He reiterated, “with strong global partners that have confirmed entry into our master-planned development, we are confident in the continued momentum in positioning the Philippines as the leading destination for blockchain offshoring.”
What do you think of the Philippines building Crypto Valley of Asia? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.