Malta And Zug Crypto Valley Success Paves Way For Philippines And South Korea Expansion
Malta and Zug are well known for their success in developing a community that is cooperative with the advancements and transactions involved with cryptocurrency and blockchain technology. As the rest of the world watches them succeed, three countries want to join in on the action – the Philippines, Thailand, and South Korea.
In Southeast Asia, the climate for cryptocurrency trading and blockchain expansion is anything but friendly. Most of the countries have issued outright bans against these types of developments within the last year. Even though Thailand is still allowing these functions, they plan to discourage the community further by taxing investors, along with the platforms that operate within their borders.
With the lack of local investments lately, the Philippines, South Korea, and Japan are working together to develop another place where cryptocurrency is welcomed. They are presently working on the framework and are specifically working on making the area the most beneficial for crypto startups.
The Cagayan Economic Zone Authority (CEZA) is run by the government near the northernmost tip of the Philippines, and they recently approved 25 cryptocurrency exchange licenses last month. This approval ensures that startups are able to function with the benefit of tax exemptions, though they also receive other ways of support.
Lito Villanueva had an interview with Nikkei, where he expressed the desire that the Philippines had to develop the next “crypto valley in Asia” with a $100 million blockchain hub. The FintechAlliance chairman continued, explaining, “With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.” As a result of these changes, there are some successful startups that are managing to become fairly popular within the country.
South Korea has been working hard to make cryptocurrency an acceptable form of payment, writing out new legislation that covered both crypto and blockchain technology. As a result of their continued efforts, the local government has also invested $4.4 billion with new tech companies, zeroing in on big data and blockchain.
The regional governments in South Korea, like Seoul, Busan, Jeju Island, and Sejong, have all decided to welcome crypto with open arms. Their desire is to become blockchain capitals, which coms with a wide array of benefits. Won Hee-ryong, who governs Jeju Island, believes that this opportunity is extremely valuable, and may help South Korea become a major player within the global internet development.
In fact, the goal is a little mightier than that. Hee-ryong said,
“Blockchain is an opportunity for Korea to take the lead in global internet platform [development].”
Though the United States and Japan both lead in the cryptocurrency market, Asia wants to be established as the biggest entity within the crypto and blockchain sector. With the support of areas like Thailand, Japan, and the Philippines, the development within blockchain will be beneficial for cryptocurrencies throughout the lifetime of the market.