Philippine to allow crypto businesses in Special Economic Zone

The Philippine government has decided to allow ten Blockchain and cryptocurrency companies to operate in the country’s Cagayan Economic Zone.   

With this decision, the country has moved a step forward in creating Asian “Silicon Valley”.   

All the companies will be the first Blockchain and crypto-related firms who will legally operate after the Cagayan Economic Zone Authority (CEZA) established a fintech hub.   

As a state-owned corporation CEZA manages the Cagayan Special Economic Zone and Freeport.   

Chief of CEZA Raul Lambino told media that the companies will be given permission for cryptocurrency exchanges, mining, and Initial Coin Offerings (ICOs).   

The companies are from Japan, Hong Kong, Malaysia and Korea.