The Cagayan Economic Zone Authority (CEZA), owned by the Philippine government, announced a partnership with Northern Star Gaming & Resorts Inc to create and develop a fintech hub called the “Crypto Valley of Asia” (CVA).
“The move is part of the government's plan to stimulate the growth of the fintech ecosystem and attract international blockchain companies to the country,” e27 reported on Monday.
According to the publication:
“CVA will consist of 25 premises within a cyber park, which is designed in accordance with all security requirements, including work and residential premises, business incubation centers, as well as branches and offices of exchangers and suppliers cryptocurrency services.”
CEZA Chief Executive Officer Raul L. Lambino said in an official press release that “this infrastructure will serve to attract new foreign investors and fintech firms to CEZA and the Philippines.” It will help the country “become one of the main offshore centers for fintech and blockchain enterprises.”
Recently, authorities announced that they had issued two licenses to cryptocurrency firms. Seventeen digital asset companies have previously received approvals.
“The CVA aims to generate economic growth that will enable more Filipinos to pursue careers in technology and third-party employers will be able to increase employment in the region,” states e27.
Northern Star has committed to investing $100 million over the next 10 years and has already received funds from several international and regional companies that will be located in the CVA. Company President Enrique Gonzalez commented:
“Together, CVA and CEZA can position the Philippines as one of the leaders in fintech and blockchain, and like other progressive jurisdictions like Switzerland, we will create an environment that fosters the development of innovative technology and entrepreneurship.”
He reiterated:
“We are confident that together with our strong global partners who have already confirmed participation in this project, the Philippines will succeed in becoming a hub for blockchain offshoring.”
According to https://news.bitcoin.com
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