Philippine Cryptocurrency Valley Prepares Itself to Attract Companies from Asia and Oceania
The Philippines is getting ready to receive investments from countries such as South Korea, Japan and Australia. The information was released by the Cagayan Economic Zone Authority, which is trying to attract crypto investments from other countries. The main intention is to receive companies from Asia and operate within the economic zone without a license.
The Cagayan Economic Zone Authority (Ceza) partnered with one of the Offshore Virtual Currency Exchange (Ovce) licenses, Rare Earth Asia Technologies Corp. The intention behind this partnership is to expand in the market and attract new investments from other regions.
The so-called Crypto Valley of Asia will be known as one of the “ideal investment destination in Asia for blockchain, crypto and financial technology (fintech) companies.” Moreover, companies will be operating with a clear regulatory environment, attractive tax incentives, and a rich pool of talent in the area.
About it, the Ceza wrote:
“The development plan for the Crypto Valley of Asia includes the launch of a blockchain and fintech university to provide skilled and experienced workers for companies in the economic zone.”
The Ceza has registered a revenue of $521 million pesos (close to $10 million dollars). This is almost double than the revenue registered by the Ceza back in 2017. Raul Lambino, the CEO and Administrator of the Crypto Valley of Asia, said that the growth in the economic zone will be related to new investments made by several companies. In addition to it, there will be 50,000 new jobs created.
Nevertheless, Rare Earth will have to be compliant with all the rules and regulations that are implemented by the regulatory agencies in the Philippines. Moreover, there are some companies that were operating without authorization in the economic zone and that have already been cracked down. In order to detect companies that are operating illegally in the zone, the Ceza is collaborating with the National Bureau of Investigation and the Criminal Investigation and Detection Group of the local Police.
There are different countries that are trying to create a clear regulatory framework in order to start receiving investments from different crypto and blockchain companies all around the world. This is the case of Malta, that is attracting an important number of startups and companies from different countries. The crypto exchange Binance has its headquarters in the Mediterranean island.