NEM Teams Up With The Cagayan Economic Zone
This week brings the news that the NEM Philippines has released its Memorandum of Understanding with the governing body, The Cagayan Economic Zone Authority while attending the Business Law Conference at De La Salle University this year.
For the Cryptocurrency world, this demonstrates a remarkable step forward, especially when considering the fact that the CEZA had initially instigated strong measures in order to prevent unreliable cryptocurrency companies from being established in the region.
During the event, Ray Roquiero, the Senior Deputy Administrator of the Cagayan Economic Zone Authority (CEZA) had reiterated the Philippines's progressive approach towards blockchain and cryptocurrency companies.
“Philippines’ Cagayan economic zone seeks to provide attractive conditions for financial technology [fintech] and blockchain enthusiasts but screens the applicants thoroughly to avoid fly-by-night companies”
In the past, the CEZA has gained a reputation for its accessibility and open-ended approach towards markets and trading policies. This approach makes the CEZA highly attractive for upcoming industries like Fintech with its more liberal approach.
The imposition of firm measures against companies has, according to a report, has reduced the prevalence of fraud, and the Philippines is trying to stand out from the international crowd by representing a shining example for the cryptocurrency world.
Through the NEM, the Philippines is taking on two diametrically opposed positions: the first being one that wishes to accept these new markets with an open approach, while the second, originating from the nations central bank, is taking a more conservative, hostile approach towards these industries.
NEM has gained popularity from its earlier announcements and rapid growth, where it stated that it will be setting up two blockchain hubs in both Australia and New Zealand, both of which have the intention of fostering education and cryptocurrency awareness groups. The company operates as a smart asset blockchain company.
Speaking on behalf of the NEM.io Foundation, Jason Lee, the company's Expansion Director for New Zealand and Australia announced that:
“We want to be able to attract software developers, startups and the wider blockchain community to explore and develop use case of the NEM blockchain technology platform.”
The Vice President of NEM also reiterated the long-term aspirations of the company and what we, as consumers and businesses should expect from blockchain technology.
“The products that NEM and Catapult create is not just a step in the right direction for blockchain technology but also for mainstream public consumption.”