Crypto Valley of Asia Taking Shape in the Philippines

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The Philippine government is working on the development of the Crypto Valley of Asia (CVA) together with a private developer known as the Northern Star Gaming and Resorts Inc.

As part of the government’s initiative to create a vibrant fintech economy and attract companies from all over the world to invest in the Philippines, the Cagayan Special Economic Zone and Freeport (CSEZFP) is looking forward to the creation of a new crypto hub.

The region of the CSEZFP is towards the North of the country in Luzon, with most of its provinces boasting one or two industrial parks. It features a transport hub with an airport, seaport and earmarked land on which industrial and commercial development will take place.

Known as the Crypto Valley of Asia, the estate is set to be developed by the Cagayan Economic Zone Authority (CEZA) together with Northern Star.

$100 Million Project

According to a report by Northern Star, there is already a gross investment commitment of US $100 million to be injected into the project over the next decade.

The idea behind CVA is to create an economic boom which will encourage more of the country’s citizens to pursue technology-related careers.

At the same time, the move is aimed at providing employment for third party businesses which will service the growing cryptocurrency and fintech sectors. These will include such business providers as those offering entrepreneurship training.

“

CEZA welcomes the launch of the Crypto Valley of Asia as a critical infrastructure that will serve to attract more foreign investors and global fintech players to CEZA and the Philippines,” said CEZA chief Raul Lambino.

He added, “

The Philippines can become one of the major off-shoring destinations for Fintech and blockchain related work.”

A 25-shop housing development in the CEZA cyberpark will be the main feature of the CVA, including living and co-working spaces as well as acceleration and incubation hubs and overseas virtual exchange back offices.