Philippines Building Crypto Valley of Asia

11_movebar

07_kiss The Philippines government is building Crypto Valley of Asia, a cryptocurrency and fintech hub similar to the one in the canton of Zug, Switzerland. The estate will be built at the Cagayan Special Economic Zone and Freeport in partnership with private property developer Northern Star Gaming & Resorts Inc. The zone is already set to accommodate 25 crypto firms that will operate within the area.

02_writer  DealShaker  06_button OneEcoSystem  05_button Economy Travel Albums   

11_movebar

04_button Building Crypto Valley of Asia

The Philippines government-owned Cagayan Economic Zone Authority (CEZA) has partnered with Northern Star Gaming & Resorts Inc. to develop a crypto and fintech hub called Crypto Valley of Asia (CVA).

Northern Star has committed to investing $100 million over the next 10 years and has already secured funds from several international and regional companies that will be located within the CVA, the news outlet noted. Chairman Enrique Gonzalez commented:

“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.”

The first phase of the project consists of a 25-shop housing development inside the cyberpark with services and amenities such as co-working and living spaces, business incubation and acceleration hubs as well as back offices of crypto exchanges and service providers, CEZA outlined, adding:

“Soon to also rise in crypto valley are a world-class internet data center, crypto-mining firms, self-contained power production facilities, and a state-of-the-art cyber security and risk assessment facility.”

11 Crypto Exchanges Registered by Central Bank

The Bangko Sentral ng Pilipinas (BSP) has registered 11 cryptocurrency exchanges, allowing them to operate in the country, according to the most recent list of Remittance and Transfer Companies with Money Changing or Foreign Exchange Dealing and Virtual Currency (VC) Exchange Service.

The licensees are: Betur Inc. dba Coins.ph, Rebittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., Zybi Tech Inc., Bexpress Inc., Coinville Phils Inc., Aba Global Philippines Inc., and Bitan Moneytech Co. Ltd.

The central bank adopted a formal regulatory approach to cryptocurrency through the issuance of Circular No. 944 dated Feb. 7, 2017. It requires businesses engaged in the exchange of cryptocurrencies for fiat money in the Philippines to register with the central bank as remittance and transfer companies. The bank elaborated:

“BSP-registered VC exchanges are now required to put in place adequate safeguards to address the risks associated with VCs such as basic controls on anti-money laundering and terrorist financing, technology risk management and consumer protection.”

As for cryptocurrency ATMs, the central bank revealed on June 13 that it had not authorized any individual or entity to install them in any location in the Philippines or manage online platforms for them and other crypto transactions. The notice reiterates that crypto ATM operators must register with the central bank as VC exchanges under the aforementioned circular. In addition, the BSP noted that a separate approval may be required from the Securities and Exchange Commission for the issuance of initial coin offerings and operation of crypto trading platforms.

05_button 37 Others Licensed by CEZA

Besides the companies registered by the BSP, many others have been licensed by the Cagayan Economic Zone Authority (CEZA) to operate crypto exchanges. CEZA is a government-owned and controlled corporation tasked to manage and supervise the development of the Cagayan Special Economic Zone and Freeport, the 54,119-hectare area located at the northeastern tip of the country.

“As a freeport, it operates as a separate customs territory similar to Hong Kong, Singapore, Labuan in Malaysia and Hamburg in Germany,” CEZA described, adding that it has been offering foreign companies incentives and advantages to registering their businesses there. “These developments are all deemed toward attracting legitimate and productive local and foreign investments and, thus, creating employment opportunities in and around the freeport,” its website details. CEZA Administrator and CEO Raul L. Lambino explained:

“We are making CEZA a sandbox for the development of these disruptive technologies, serving as a laboratory for interested parties to experiment on these new dimensions of business enterprise.”

On June 17, CEZA revealed that 37 companies are currently licensed under its “Financial Technology Solutions and Offshore Virtual Currency Exchange (OVCE) Business Rules and Regulations of 2018.” There are two types of licenses. Twenty-four companies have been granted the OVCE Principal license and 13 companies the OVCE Regular license. The former allows licensees to conduct offshore fintech business and crypto exchange activities; the latter allows licensees to conduct only offshore crypto exchange activities.

The 24 Principal licensees are Golden Millenial Quickpay, Ultra Precise Investment, Liannet Technology, Rare Earth Asia Technologies, Formosa Financial Holdings, Tanzer Holdings, Asia Premier International, Orient Express Global, White Ranch, Dragon Empire Developments, Galaxy Plus Developments, Tiger Wheel, Ipe Global, Cr8tiv Solutions Management, Sino-Phil Economic Zone Agency Development and Management, Digifin Technologies, Hong Kong Yuen Shing Hong, First Bullion Holdings, Okcoin Philippines Technology, 6x Tech, Increz Korea, Harseq, Fafa Internet Blockchain (China), and Wangwang Quickpay Foundation.

The 13 Regular licensees are Cezex Trading, Unicorn Venture Investment, Eplata Pacific, A&C Fintech, Zipmex, Bird Mouse, Ecoflow, Adax Tech, Monetium, Bitpoint Apec Investment, Hxl (HK) Technology, Noah Ark Technologies, and Wtia.

Some companies have falsely claimed to have been licensed such as Freedom Traders Club, Ploutos Innovation, Ploutos Coin, Hedger Technology, Hedger Mining, Idragon Science Development, Teo Consulting Group, ECP, and Grace Exchange, CEZA warned. The authority additionally clarified:

“No Filipino company, Filipino, or Philippine resident is allowed to apply for a CEZA OVCE license, and if so licensed, such licensee is not allowed to sell securities to Filipinos or to exchange tokens into fiat currency, unless they are registered with the SEC or the Bangko Sentral ng Pilipinas (BSP), respectively.”

04_button BSP’s Regulatory Approach to Cryptocurrency

“The BSP recognizes that VC systems can revolutionize financial services delivery, particularly for payments and remittances,” Governor Nestor A. Espenilla Jr. acknowledged at the annual convention of the Association of Philippine Correspondent Bank Officers in June last year.

Explaining the central bank’s views and regulatory approach to cryptocurrency, the governor stated that “Cryptocurrencies are a medium of exchange. The Bangko Sentral ng Pilipinas recognizes this,” noting:

“We have adopted a regulatory approach to privately-issued cryptocurrency that is balanced, open and flexible… This is to allow the market to promote financial innovation and for the industry to take advantage of all its benefits and efficiencies – with prudence.”

He further remarked, “Cryptocurrencies, like fiat currencies, are neither good nor bad. They are neutral … The BSP allows the market to develop but it has also issued responsive regulations to uphold consumer protection and to maintain financial stability.”

Source: Internet

06_button For more details, please register Telegram’s Channel and Group

 02_writer

11_movebar

03_updated

01_back 00_home 01_next

14 thoughts on “Philippines Building Crypto Valley of Asia

  • July 13, 2019 at 8:34 am
    Permalink

    Hi there friends, how is the whole thing, and what you want
    to say regarding this piece of writing, in my view its in fact amazing in support of me.

    Reply
  • July 14, 2019 at 12:34 am
    Permalink

    Hey there! I just want to give you a big thumbs up for your great information you have right here on this post.
    I’ll be returning to your site for more soon.

    Reply
  • July 16, 2019 at 1:11 am
    Permalink

    Hi to all, it’s genuinely a pleasant for me to pay a quick visit this web
    page, it consists of useful Information.

    Reply
  • July 17, 2019 at 12:00 am
    Permalink

    Very good article! We are linking to this great post on our website.
    Keep up the good writing.

    Reply
  • July 17, 2019 at 6:31 pm
    Permalink

    My brother suggested I may like this web site. He was entirely right.
    This submit actually made my day. You can not consider simply how
    so much time I had spent for this info! Thank you!

    Reply
  • July 20, 2019 at 11:47 pm
    Permalink

    It’s genuinely very complex in this busy life to listen news on TV, so I only use the
    web for that reason, and get the latest information.

    Reply
  • July 21, 2019 at 2:32 am
    Permalink

    Thanks for sharing your thoughts. I really appreciate your efforts and
    I am waiting for your next write ups thanks once again.

    Reply
  • July 21, 2019 at 4:27 am
    Permalink

    Thanks for your marvelous posting! I definitely enjoyed reading it, you might be a great author.I will always bookmark your blog and
    may come back down the road. I want to encourage you to continue your great
    writing, have a nice holiday weekend!

    Reply
  • July 21, 2019 at 9:52 am
    Permalink

    I enjoy what you guys are usually up too. This sort of clever work and coverage!

    Keep up the amazing works guys I’ve incorporated you guys to my blogroll.

    Reply
  • July 22, 2019 at 1:41 am
    Permalink

    Pretty nice post. I just stumbled upon your weblog and wished to mention that I’ve really enjoyed surfing
    around your blog posts. In any case I’ll be subscribing for your feed and I
    hope you write once more soon!

    Reply
  • July 22, 2019 at 2:46 am
    Permalink

    Very good post! We are linking to this great content on our site.
    Keep up the great writing.

    Reply
  • July 22, 2019 at 5:45 am
    Permalink

    Simply wish to say your article is as astounding.
    The clarity in your post is simply nice and i can assume you
    are an expert on this subject. Well with your permission let me to grab your feed to keep updated with forthcoming
    post. Thanks a million and please continue the enjoyable
    work.

    Reply
  • November 12, 2019 at 1:56 am
    Permalink

    When someone writes an paragraph he/she keeps the plan of a user in his/her mind that
    how a user can know it. So that’s why this article is great.
    Thanks!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment moderation is enabled. Your comment may take some time to appear.

error: Content is protected !!