The Philippines government is building a cryptocurrency and fintech hub - Crypto Valley of Asia (CVA) - in the Cagayan Economic Zone. The estate is ready to welcome 25 companies that are set to operate within the zone.
According to an article in e27, “The CVA will consist of a 25-shop housing development inside the cyberpark developed in compliance with the strict security requirements for licensed overseas virtual exchanges (OVEs) located in CEZA. It will include co-working and living spaces, business incubation and acceleration hubs as well as back offices of OVEs and service providers to the global crypto space.”
The Philippines government aims to attract international blockchain startups, foreign investors and global fintech players. Just recently, the CEZA (Cagayan Economic Zone Authority) granted licenses to two cryptocurrency companies. The licensing of 25 crypto and FinTech firms will generate $68 million, according to the authority’s forecast.
Other incentives for developing the CVA include employment and accessibility to tech jobs for Filipinos. Several companies, both global and local, are already committed to the development of a hub.