The Cagayan Economic Zone Authority (CEZA) has received the backing of Japan in urging Philippine legislators to craft laws on emerging financial technologies such as cryptocurrencies and security tokens.
In a statement, the CEZA said its administrator and CEO Raul Lambino met with Japanese Minister of State for Science and Technology Policy Naokazu Takemoto to discuss how Philippines and Japan can work together for the future financial technology businesses in the country and the Asian region.
Lambino cited the urgent need for a set of rules and regulations or a law that would help the Philippines become more competitive in the field of financial technology.
In 2017, CEZA launched its “Crypto Valley of Asia” initiative, which aims to provide a stable and safe region for blockchain developers and cryptocurrency exchange operators to domicile their back office support infrastructure.
It currently has 25 licensee companies from all over Europe and Asia, including Japanese developer ALLEX, a security token issuer that provides solutions on exchanges including management, settlement, and related operations.