The Cagayan Economic Zone Authority, with its efforts to become the premiere host jurisdiction for back office operations of offshore token exchanges, is set to complete its roster of pioneer licensees.
Currently, seventeen (17) Provisional Principal Licenses have been issued to foreign companies and eight (8) more have been actively completing the compliance requirements, thus reaching the twenty-five (25) licenses cap that CEZA has set for the year.
Moreover, CEZA is establishing the Crypto Valley of Asia which is an ecosystem of pioneering and disruptive industries driven by the token economy and powered by blockchain and its allied technologies.
Hence, CEZA allows for each Principal License to have four (4) Regular licensees under their supervision that are authorized to conduct activities such as asset-backed exchanges; ICOs/STOs; financial technology solutions platforms, or blockchain-based digital economy platforms.
Two (2) provisional regular licensees have already been issued by CEZA, and are ready to operate under their respective principal licenses.
The Crypto Valley of Asia is primarily an offshore jurisdiction and will not service nor cater to the Philippine public unless the proper regulatory license for token conversions and remittance operations under the purview of the Bangko Sentral ng Pilipinas have been secured by the CEZA licensees.