The companies will reportedly be the first Blockchain and crypto-related firms to legally operate in the Philippines after the Cagayan Economic Zone Authority (CEZA) established a fintech hub with the goal of creating an Asian “Silicon Valley”. CEZA is a state-owned corporation that manages the Cagayan Special Economic Zone and Freeport.
Chief of CEZA Raul Lambino stated that they will permit cryptocurrency exchanges, mining, and Initial Coin Offerings (ICOs):
“We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, Initial Coin Offerings, or they can go into exchange.”