Philippines is Set to Create the ‘Crypto Valley of Asia (CVA)’
Swiss Crypto Valley inspired the Philippine government to create a similar tech hub in Asia. The “Crypto Valley of Asia” is set to be located at the Cagayan Special Economic Zone and Freeport.
The Philippines wants to move its economy to another level. The country’s government has announced that it will launch in collaboration with Northern Star Gaming & Resorts Inc. a tech hub dubbed Crypto Valley of Asia (CVA). The move is “part of the government’s bid to foster a fintech ecosystem [to] attract international blockchain companies to set up shop in the country,” as reported on Monday by e27.
“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,” pointed out the publication.
$ 68 million from licensing 25 companies
The Cagayan Economic Zone Authority (CEZA) has claimed the new crypto zone will “serve to attract more foreign investors and global fintech players to CEZA and the Philippines.” Furthermore, the project will sustain the country to grow into an important location for advanced technology and “blockchain related work“.
Lately, the authority offered two licenses for cryptocurrency businesses, besides another 17 who already paid according to the law and are preparing to operate on the country’s territory. The jurisdiction body expects to gain $ 68 million from licensing 25 cryptocurrency and tech companies.
“The goal is for the CVA to generate an economic boom that will allow more Filipinos to pursue careers in technology,” e27 elaborated.
Under the partnership agreement, Northern Star will invest $ 100 million over the next 10 years in the Crypto Valley of Asia’ s development, the news mentioned. Northern Star Chairman Enrique Gonzalez explained:
“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”.
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