Although the price of Bitcoin has dropped severely in the last 8 months, the government of the Philippines has adopted plans to build the Crypto Valley of Asia – a cryptocurrency and fintech hub. The country has already picked a location and the property will be built in cooperation with a private investing group Northern Star Gaming & Resorts Inc.
The idea of building a hub in this part of the world probably came out of a similar project in the canton of Zug, Switzerland. The allotted asset, Cagayan Special Economic Zone and Freeport, should accommodate 25 crypto companies that will operate within the area.
Cyberpark With Strict Security RequirementsAs part of the government’s plan to startup a fintech ecosystem and potentially attract international blockchain groups and set up shops across the country, CEZA will be comprised of 25 shops. The cyberpark will be developed in compliance with the highest securty standards, including measures for licensed overseas virtual exchanges. Apart from office buildings and living spaces, the hubs will also accommodate back offices for service providers.
More Foreign InvestorsRecently appointed CEZA administrator and CEO, Raul L. Lambino, said in an official interview that the infrastructure will primarily focus on foreign investors, since the country’s plans to become a major offshore destination for fintech requires a safe crypto zone...
The authority has also granted two licenses to blockchain companies, whereby 17 other firms paid in full, reaching staggering $68 million.
On the other hand, the goal is certainly to help Filipinos in pursuing a career in technology, since third-party businesses are among the first employers in the area. The partnering company, Northern Star, has announced a $100 million investment over the next 10 years, confirming strong support from a few international and regional corporations. Chairman Enrique Gonzalez said that the project will also promote innovation, entrepreneurship and development through education.
Source:
“Philippines Building Crypto Valley of Asia”, Helms Kevin, bitcoin.com, August 9, 2018.
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