The Philippines government has officially announced plans to build Crypto Valley of Asia (CVA), a facility that resembles Switzerland’s canton of Zug. The government will partner with Northern Star to put up the Cryptocurrency and Fintech hub at the Cagayan Special Economic Zone and Freeport. Once complete, the facility will accommodate about 25 Crypto businesses. The project will boost the country’s economy by attracting more international and regional Crypto and Blockchain companies.
Construction Of The Crypto Valley Of Asia
The government of Philippines, through Cagayan Economic Zone Authority (CEZA), is building a Crypto and Fintech hub named Crypto Valley of Asia (CVA) through a partnership with Northern Star Gaming & Resorts Inc. On Monday, e27 said that this is one of the government’s agenda to foster the country’s Fintech ecosystem making it a destination of international Blockchain companies.
The news outlet said that the facility will host various Crypto businesses. The 25-shop housing development, the paper elaborated, will meet the strict security requirements needed for licensed foreign virtual exchanges (OVEs) based in CEZA. Crypto businesses that will occupy the new facility will have access to co-working and living spaces. There will also be business incubation and acceleration centers at the facility.
Various overseas companies have already shown their intentions to open their businesses at the facility. Two Crypto businesses have already been given licenses to operate from the center. Seventeen Crypto companies have already paid the required amount in full. Once the 25 Crypto and Fintech businesses are licensed, the authority will collect about $68 million.
Philippines Keen To Attract Foreign Investors
Raul L. Lambino has said that the project will help in attracting more foreign and Fintech companies to CEZA and the country at large. The CEZA administrator and CEO also noted that the project will make the Philippines a major destination for overseas businesses in the Fintech and the Blockchain sector.
According to Enrique Gonzalez, the chairman of Northern Star Gaming & Resorts Inc., the CVA and CEZA will help the Philippines to build an environment that boosts innovation and entrepreneurship in Fintech and Crypto sector. Furthermore, education and business providers (BPO) training will help in enhancing skills development. And just as Zug of Switzerland has helped in putting the country on the world map of Fintech and Blockchain, Philippines is determined to achieve the same.
The Economic Benefits Of The Project
According to e27, the main goal for the CVA is to spur an economic growth in the country and provide more employment opportunities to the Filipinos. Furthermore, the project will allow more people in the country to pursue careers in technology. The business providers (BPO) will also help in creating new jobs in the country.
Northern Star Gaming & Resorts Inc., a partner in this project, has said that it will invest $100 million in the next ten years. The private property developer has already secured funds from various businesses, both regional and international, that are planning to set up offices at the facility.
Going forward, it is clear that Blockchain and Cryptocurrencies are here to stay. The Philippines has become one of the few countries that have seen the potential of the new technology and embraced it. The country is gearing up to ensure it makes a kill out of this promising innovation.