The Philippines will restrict the number of cryptocurrency exchanges it’d enable to run inside the Cagayan Economic Zone Authority (CEZA) from the nation’s northern point, CEZA mind Atty. Raul Lambino said.
In an interview in the sidelines of this International Blockchain Summit at Pasay City in the Philippines on Sunday, Lambino said his office has been inundated with programs from blockchain-focused Businesses. He explained that CEZA has obtained from 60 software from overseas companies seeking to set a cryptocurrency market in the area.
He said: “We will not be accommodating them all. From the more than 60 [digital currency exchange] applications that we received, we will only approve 25 operators.”
The official said each the applicants are being closely reviewed because his office will be completely inspecting each of the programs and will declare those approved after on.
Meanwhile, the Lambino added that he’s hoping to generate around $1 billion in investments over the next five decades and make thousands of jobs from the expanding amount of blockchain projects which are thinking about opening store inside CEZA.
He expressed optimism that the Philippines will emerge as among the most significant markets at the blockchain, cryptocurrency, and fintech businesses.
“Within the next two years, we are looking at around $200 million in fresh investments from these blockchain projects. But within the next five years, we are expecting at least $1 billion,” Lambino said.
Lambino is compelling for the development of northern Philippines because the next Silicon Valley or the FinTech City of Asia by changing the area to a blockchain and fintech friendly Location.
He added that the airport at Tuguegarao was updated to accommodate more international flights, which makes accessibility to Cagayan Valley more suitable. The street network in the area is also being enhanced for faster freedom.
Internet assistance, among the most essential element in the blockchain area, is also being updated to satisfy the anticipated rise in speed and data demands. Convergys is placed to roll-out a 5G community in Cagayan within this progress, Lambino said.
In prior interviews, Lambino bared his strategy to set up a”technological garden” at Cagayan Valley, together with all the scenic Sierra mountain range along with neighboring lovely white sand beaches in Sta.
Hong Kong-based Chinese companies Changwei International Co., Ltd., State Trust Union Capital Holdings, and Xin Peng Group, were the first entrants in CEZA blockchain community.
Others are Asia Pacific Blockchain Association, Asia Premier International Ltd., AXN Holdings Ltd., Coin Bundle, Hachiman Technology Sdn. Bhd., Hong Kong Yuen Shing Hong Ltd., Hybrid Block, IPE Global Pte. Ltd., Madison Blockchain Strategy Investment Company Ltd., Mobile Pole Position Pte. Ltd., MX Exchange Ventures, Northern Orient Resources, Inc., Pacificnet Strategic Investments Ltd., Paradigm Technologies Unlimited Solutions Corp. , Super Angels Ventures Ltd., Superieur Tech. Pte. Ltd., Stepwyze LLC., and Ultra Precise Investments Ltd.