Philippine ‘Crypto Valley of Asia’ confirmed plans to build an airport
Not only Malta, but the Philippines also has a Crypto Valley – called Crypto Valley of Asia. This is an initiative of the Cagayan Economic Zone Authority (CEZA), the government agency responsible for managing the Cagayan Special Economic Zone and Freeport. And in the plan to develop it into an exclusive economic zone, they will set up an airport to address the needs of investors and providers of cryptocurrency services.
An airport is now being planned for the Crypto Valley of the Philippines
The Cagayan Economic Zone Authority (CEZA) of the Philippines has confirmed plans to build an airport within Asia’s Crypto Valley. According to the Administrator and CEO Raul Lambino, the airport will cost between 60 million and 80 million dollars.
“The construction of a new airport is an essential basis in establishing and realizing the so-called Asia Crypto Valley concept that we have embarked on. CEZA is currently negotiating with the Ministry of Communications and Transport. Moreover, the Philippine Civil Aviation Authority will be responsible for the licensing of new airports. Hopefully, the airport will be able to operate in the next three years.”
Raul Lambino, Cagayan Economic Zone Authority (CEZA) Administrator
Asia’s Crypto Valley is a joint initiative of CEZA and private developer Northern Star Gaming and Resorts Inc. to provide a stable and secure area for Blockchain developers and cryptocurrency exchange operators. Efforts are part of the government to promote a fintech ecosystem to attract the international crypto community and blockchain companies. Lambino believes that will help the Philippines become one of the destinations for Fintech and Blockchain related companies.
Meet the needs of cryptocurrency investors
According to Lambino, investors and companies operating in the Cagayan Special Economic Zone and Freeport have expressed concern about the lack of airports as they need to come to the cryptocurrency valley as quickly as possible. However, the closest airport to the economic zone is the Cagayan North International Airport, 80 km away.
“Unless the highway is built, we will not be able to address the concerns of investors who want to come to Crypto Valley as quickly as possible. It will take at least P10 to P12 billion to build the highway. Therefore, the construction of a new airport is more realistic and faster.”
CEZA offers two types of Offshore Virtual Currency Exchange licenses: the principal license and the regular license. The principle allows the company to conduct offshore fintech and crypto exchange activities. While the latter restricts them to operate only cryptocurrency exchanges. Earlier this month, the authorities confirmed that there are 25 financial technology principal licensees from Asia and Europe. As of September 2019, 40 companies have been licensed by CEZA.
Meanwhile, the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has licensed 13 cryptocurrency exchanges to operate in the country. Recently, the International Monetary Fund (IMF) has been providing technical assistance to BSP, including on crypto assets. The IMF considers the Philippines a significant potential market for crypto assets.
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