In its continuing efforts to become the fintech and blockchain hub of Asia, CEZA recently signed an MoU with smart asset blockchain company, NEM.
The agreement between the Cagayan Economic Zone Authority (CEZA) and NEM was signed at the end of July during the De La Salle University Business Law Conference 2018 that took place in Manila.
It marked a significant development in the Philippine blockchain industry as it represented a worthwhile change in the economic ideology. Furthermore, it marked the entry of NEM into the local crypto market.
Even though CEZA is at the forefront in pushing for the adoption and growth of the local blockchain sector inside the economic zone, financial watchdogs such as the Securities and Exchanges Commission (SEC) and the Bangko Sentral ng Pilipinas could have a different view on the matter.
In May last year, Ephyro Luis Amatong, an SEC commissioner said the agency together with the central bank were almost completing the task of creating unified blockchain and crypto rules.
He revealed the information during the Philippine Association of Digital Commerce and Decentralized Industry (PACDI) second general assembly. At the time, he requested industry stakeholders to offer their input so as to ensure the new regulations would be appropriate to the space.
Open Arms Policy
CEZA on the other hand has an open arms policy towards crypto trading and exchange guidelines and blockchain projects planning to operate within the Cagayan economic zone. Their flexibility is informed by the fact that the overall objective is to turn the area into a fintech and blockchain hub.
Through the establishment of the zone, CEZA chief Raul Lambino said that at least 20,000 new job opportunities would emerge.
Commenting on the MoU, a NEM executive said:
“We want to be able to attract software developers, startups and the wider blockchain community to explore and develop use case of the NEM blockchain technology platform.”
Featured Image Credit: Cryptopilipinas.com