The Philippines government is constructing a Cryptocurrency Valley of Asia, a Crypto and FinTech center identical to the one built in Canton BPOs Zug, in Switzerland. The great estate will be constructed at the Cagayan Special Economic Zone and Freeport while partnering with Northern Star Gaming & Resorts Inc, a private property developer. The zone is in position to handle 25 cryptocurrency companies which will function within the area.
The Cagayan Economic Zone Authority (CEZA), Philippines government-owned, is partnering with Northern Star Gaming & Resorts Inc. to create a cryptocurrency and FinTech hub known as Crypto Valley of Asia (CVA).
This is, of course part, of the Philippines government's bid to cherish a FinTech sector to attract international Blockchain firms to start up big shops in the nation.
The publication explained:
“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, CEO and CEZA administrator said that this great infrastructure will serve to allure very many foreign investors and world FinTech players to Philippines and CEZA. This will enable the nation to turn into one of the giant destinations for works related to Blockchain and FinTech.
The authority proclaimed recently that it has given two licenses to crypto companies. 17 firms in the crypto industry have by now settled in full payments and the authority is believed to earn $68 million from the operation of licensing 25 cryptocurrency and FinTech companies.
The main goal is for the CVA to experience an economic boom that will enable many Filipinos to pursue various careers in technology-related fields, and not forgetting that the third-party business providers (BPOs) will bring more employment to the area and the country at large.
Northern Star has consigned to investing USD$100 million over the next decade and the funds are already secured from different regional and international firms that will operate within the CVA.
Chairman Enrique Gonzalez raised a comment that:
“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.”
The chairman repeated that with bullish world partners that have assured entry into the master-planned development. He believes that if this pace and vigour are maintained, the Philippines will be the leading destination for Blockchain offshoring.