The Philippines Building Crypto Valley of Asia
August 9, 2018 BY Luc Lammers
The Cagayan Economic Zone Authority (CEZA) has plans to build a cryptocurrency and fintech hub named Crypto Valley of Asia (CVA). The hub is going to be situated in the northern part of the Philippines and is expected to generate more than 10,000 jobs. A huge boost to the economy of the Philippines and, furthermore, the crypto development and adoption in Southeast Asia.
The Cagayan Economic Zone Authority (CEZA) is a government-owned and controlled corporation (GOCC) tasked to manage and supervise the development of the Cagayan Special Economic Zone and Freeport of the Philippines (CSEZFP). The CSEZFP is the first economic zone in the Philippines to offer hosting of financial technology companies in the emerging fintech industry. The CEZA will build the Crypto Valley in partnership with private property developer Northern Star Gaming & Resorts Inc and aims to build a similar hub to the one situated in the canton of Zug, Switzerland.
The project should be implemented in three phases and Northern Star has said it had already secured commitments from regional and international companies to use CVA. Northern Star has committed to investing $100 million over the next 10 years and has secured funds from several international and regional companies that will be located within the CVA. The zone is already set to accommodate 25 crypto firms that will operate within the area.
One of the chairman of the project, Enrique Gonzalez, commented:
“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.”
Gonzalez furthermore mentioned that the hub would help foster a thriving ecosystem of connected financial technology firms. Very positive developments in the Philippines, that’s for sure.
Recently, CEZA already signed a separate partnership deal with the NEM Foundation of Singapore to establish the first blockchain hub in the Philippines to promote technology in local business processes.