Philippines Plans to Become Fintech hub, Building ‘Crypto Valley of Asia’

13 August 2018

BY: ABHIMANYU KRISHNAN

bitrates.com

The Philippines will build a ‘Crypto Valley of Asia’ in Cagayan Valley, hoping to become the center of fintech development in the region.

The Philippines hopes to make the Cagayan Valley the ‘Crypto valley of Asia’ by establishing a hub for fintech and crypto-related ventures in the region.

The Crypto Valley launch was announced in an official press statement by the Cagayan Economic Zone Authority (CEZA):

CEZA welcomes the launch of the Crypto Valley of Asia as a critical infrastructure that will serve to attract more foreign investors and global fintech players to CEZA and the Philippines. The Philippines can become one of the major off-shoring destinations for Fintech and blockchain related work.

The initiative is a partnership between the Philippine government and Northern Star Gaming and Resorts to build a hub that they hope will attract blockchain startups and provide a boost to the local economy. Such crypto-hubs are growing in popularity, particularly in Asia and Europe, as municipal governments looking to get an edge in a new industry begin to realize how lucrative new blockchain ventures can be.

Twenty-one crypto firms have already agreed to operate out of the Crypto Valley of Asia, and Northern Star is discussing relocation with several more companies. Northern Star has also committed to investing $100 million over the next 10 years.

Swiss City of Zug is the Original Crypto Valley

Zug, Switzerland, the first city to be dubbed “Crypto Valley”, is known for its encouragement of cryptocurrency, even allowing blockchain-based e-voting in the last local election. Other countries such as Estonia are working toward greater integration of blockchain and cryptocurrency into the national economy as well.

The Philippines Taking Initiative with Blockchain

The Crypto Valley project is another positive sign for the industry that Philippine authorities are welcoming crypto. However, while Philippino exchanges have also recently been issued licenses, the government has yet to pass regulations establishing cryptocurrency’s place in the economy and taxation schemes as of yet. Regardless of how the nation handles digital currency regulation, it is clear that the Philippines government is optimistic with hopes that the Crypto Valley initiative will encourage the youth to take up careers in technology.

A crypto valley has the potential to put Phillippines on the global map, says Enrique Gonzalez, Chairman of Northern Star,

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 broader Asian region is seen as one of the premier markets for cryptocurrency ventures, possessing rapidly growing economies and vast middle-class populations. However, governments in the regions have typically taken a stern approach to blockchain technology, with India banning banks from working with exchanges and China banning ICOs.

Featured Image Credit: bitrates.com

https://www.bitrates.com/news/p/philippines-plans-to-become-fintech-hub-building-crypto-valley-of-asia

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