WTIA gets CEZA License to operate offshore asset-backed token

21 June 2019

By: Media Relations Office

The Cagayan Economic Zone Authority (CEZA) recently awarded the World Token Issuing Alliance (WTIA) with an Offshore Virtual Currency Exchange (OVCE) Provisional License to operate an offshore exchange service platform at the Cagayan Special Economic Zone and Freeport in Sta. Ana, Cagayan.

The WTIA is the advisory and capital market solution provider of some of the biggest real-world blockchain projects in the world.

Among its notable clients are the world’s largest blockchain and asset tokenization projects of Monopoly Hotels and Resorts (MHR) and Smart City Company, Inc. (SCC), to name a few.

(CEZA Administrator and CEO Sec. Raul L. Lambino (5th from left) and offcials of the WTIA led by its Chairman Keunyoung Kim (4th from left) shows the OVCE license granted to them.)

CEZA Administrator and CEO Secretary Raul Lambino said that it is one of the firms that responded to the invitation of CEZA to invest in the Authority and be part of the offshore virtual currency exchange business.

“Thank you so much for coming over, and be part of our over-all build program. We need very serious investors here like WTIA. On behalf of CEZA, we can assure you of our support,” Secretary Lambino said.

To date, CEZA has already issued principal license to 24 fintech firms and regular license to 13 cryptocurrency and blockchain companies.

During the granting of the license, Secretary Lambino said CEZA has prioritized several support projects to encourage firms like WTIA to participate in the OVCE venture in what is now known as the Crypto Valley of Asia.

“One of the priority projects currently in the pipeline is the construction of the North East Luzon Expressway, which will connect the provinces of Nueva Ecija, Isabela and Cagayan. This will compliment the current expressway from Manila to Pangasinan and La Union,” Secretary Lambino said.

WTIA Chairman Keunyoung Kim said,” WTIA is supportive of projects that have a positive impact on the community and country. Projects that deliver economic growth, create high value jobs, maximize the benefit of blockchain technology’s transparency, trust and security.”

“The good thing is, CEZA has very nice projects that will improve the lives of Filipinos, and for that, we are so impressed,” he added.

The move of getting a license from CEZA is the major step forward for WTIA as they prepare to launch their fully regulated security token exchange platform to increase liquidity for their projects.

With the grant of the new OVCE license, it will allow the WTIA to offer security, utility, and virtual currency tokens, covering the broad spectrum of token offerings required as the portfolio of projects under WTIA expands.

Because of the increasing popularity of blockchain and its growing ecosystem of tokens, liquidity ensures fair pricing for projects through market dynamics and allows users to invest in the success of projects that they support.

“We are very excited to receive this important license from CEZA. WTIA will be able to help our projects develop tokenization models based on asset digitalization, solving many off the problems an bottlenecks in the current marketplace. Through WTIA and blockchain technology, we can bring real projects to fruition, creating economic prosperity and jobs for all,” said Kaycee Kim, CEO of WTIA.

WTIA has experts with in-depth experience in building traditional businesses, working with experts within the blockchain industry to bring together the best of both worlds.

As the firm focuses on asset-backed mineral resources and real state development, WTIA brings together an eco-system of investors, technology providers, developers and operators that will turn business ideas profitable, and deliver viable, usable solutions for government.

In addition, WTIA projects include sovereign-level tokenization programs, utility-token driven business models for listed companies, tokenized infrastructure securities, high technology applications, among others.

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