The world’s only Crypto Valley as of now is the one in Zug, Switzerland. But not anymore. Asia is all set to get its own Crypto Valley which will be built by the Philippines government. The government is gearing up to build a fintech and crypto area in Cagayan Special Economic Zone (CEZA) and Freeport, that can accommodate more than 25 crypto firms to begin with. To that end, they have tied up with Northern Star Gaming & Resorts Inc., a private property developer.
The Crypto Valley of Asia (CVA), as it is being called, will have space for minimum 25 housing projects, which will abide by strict security protocols This is “part of the government’s bid to foster a fintech ecosystem [to] attract international blockchain companies to set up shop in the country,” e27 reported Monday.
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) which are situated in CEZA. The crypto valley will additionally have “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.”
The entire point of setting up such an elaborate area of crypto developments is to attract more foreign investments to the country and to develop the place as a hub of global fintech developments. Raul L. Lambino, the CEO and administrator of CEZA hopes that this Crypto Valley would enable the country to “become one of the major offshoring destinations for fintech and blockchain related work.”
The company that is assisting the Philippines government in this project is Northern Star which has already assured a massive investment of $100 million from their side.This money will pour in, in installments, over the course of the next 10 years.
Chairman Enrique Gonzalez said:
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 through education and BPO training.
Already seventeen companies have made their payments in full to the authorities and the government expects to generate around $68 million from all the 25 spots that they will offer to crypto and fintech firms.
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