The Cagayan Economic Zone Authority (CEZA) with its Cagayan Special Economic Zone and Freeport (CSEZFP), in partnership with the private property developer Northern Star Gaming & Resorts Inc. (Northern Star) is set to launch a new cryptocurrency hub in northern Luzon Philippines.
Dubbed as Crypto Valley of Asia (CVA), will be the central hub for financial technology (FINTECH), cryptocurrency, and blockchain technology in the Philippines.
According to the press released published on CEZA website, this move is part of the Philippine government’s bid to foster financial technology ecosystem and to attract international blockchain related companies to set-up their offices and showcase their technology to find a use-case scenario in the Philippine settings.
“The goal is for the Crypto Valley of Asia CVA to generate an economic boom that will allow more Filipinos to pursue careers in technology,” said CEZA CEO Sec. Raul L. Lambino, in an official press statement.
“CEZA welcomes the launch of the Crypto Valley of Asia, a critical infrastructure that will serve and attract more foreign investors from the global fintech players. The Philippines can become one of the major off-shoring destinations for Fintech and blockchain related work,” Lambino added.
Crypto Valley of Asia will consist of a 25-shop housing development inside the cyberpark that will be developed in compliance with the strict security requirements of licensed Overseas Virtual Exchanges (OVE). Crypto Valley of Asia (CVA) will also provide co-working and suitable living spaces, business incubation and acceleration hubs as well as OVE back offices, including convenient spaces for service providers to the global crypto space.
Amongst the many locators and services to include in the co-working space are Common Ground of Malaysia; Cybersecurity and risk assessment by Horangi Singapore and Blackpanda Philippines; and Blockchain Academy, to be launched in collaboration with Hanwha of Korea.
There will also be an internet data centre, crypto mining firms, and self-contained power production facilities.
“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,” said Enrique Gonzalez, Chairman of Northern Star.
He also disclosed that Northern Star has already secured several international and regional companies to be located within CVA. In addition, Northern Star has committed a gross investment of US$100 million to Crypto Valley of Asia (CVA).
“With strong global partners that have confirmed entry into our master-planned development, we are confident in the continued momentum in positioning the Philippines as the leading destination for blockchain off-shoring,” Gonzalez concluded.
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 (CSEZFP), envisioned to be a self-sustaining industrial, commercial, financial, tourism and recreational center, in order to effectively encourage and attract legitimate and productive local and foreign investments and eventually will create employment opportunities and increase income and productivity in the rural areas around the Freeport Zone in northern Philippines.
This article was first published at WorldNgayon.Com