Philippines Start work on the crypto village!
Philippines Start work on the crypto village!
The Philippine government wants to open a crypto-village, a center for cryptocurrencies and FinTech similar to that in the Swiss train. It will be located in the Cagayan Economic Zone and will be built in collaboration with the project developer Northern Star Gaming & Resorts Inc. Twenty-five crypto companies are initially to settle in the area.
Start work on the crypt village for Asia
The Cagayan Economic Zone Authority (CEZA) is planning to build a cryptocurrency and FinTech center called Crypto Valley of Asia (CVA) in partnership with Northern Star Gaming & Resorts Inc.
This is "part of the government's plan to create a FinTech environment to attract international blockchain companies to open their offices in the country," the e27 said Monday.
The news page wrote:
"The CVA will consist of 25 offices within the Cyberpark, which will follow the strict security measures for registered foreign virtual exchanges [...]. There will also be co-operation and housing, [...] incubators, OVEs offices and service providers for the global crypto industry. "
CEZA official and executive director Raul L. Lambino stated in an official press release that the infrastructure "will serve to attract more foreign investors and international fintech companies to CEZA and the Philippines." This will help the country become one of the largest international targets for fintech and blockchain work.
Just recently, the agency announced that it had granted licenses to cryptocurrency companies. 17 companies in the crypto industry have already paid the necessary fee and the agency expects to generate 68 million US dollars through the 25 licenses of the FinTech companies.
Economic growth through crypto currencies and FinTech
"CVA's goal is to generate economic growth that will allow more Filipinos to pursue a technology career," e27 continued.
Northern Star will invest over $ 100 million in the project over the next 10 years. The company has already received a large number of financial aids from companies in the industry. The funders will also receive a location in the CVA.