MANILA, Philippines — Singaporean firm 6X Digital Asset Trading Platform (6X.com) has secured a license from the Cagayan Economic Zone Authority (CEZA) to conduct financial technology solutions and engage in offshore virtual currency exchange (OVCE) services.
In a statement, 6X said it obtained the license from CEZA following a series of checks.
With the grant of the OVCE license, 6X expects to contribute to economic development in the country, particularly in the area of blockchain, crypto and financial technology solutions.
“We are happy to be granted the license to offer financial solutions and OVCE services to our global customers. We are glad to have the support in the Philippines and be part of the government’s master plan to establish a clear cryptocurrency ecosystem in the country,” 6X international vice president Vanessa Koh said.
At present, 6X which allows users to buy and sell unlimited cryptocurrencies, is one of the top 20 digital asset exchanges worldwide.
It has over one million users from more than 100 countries.
The platform has the ability to support two million transactions per second and handle 20 million concurrent users.
In addition, the trading platform supports multiple languages including English, Chinese and Thai.
On a daily basis, the platform has a transaction volume of more than $200 million.
CEZA is encouraging firms engaged in fintech solutions and overseas cryptocurrency trading to opt to locate at the Cagayan Special Economic Zone and Freeport as it is positioning the special economic zone as a “FinTech City” or the “Silicon Valley of Asia.”
The move follows a campaign implemented in 2017 to eradicate illegal offshore gaming operations.
Fintech firms given licenses by CEZA are expected to create high-paying and highly-skilled information technology jobs, as well as technical and managerial positions.