The Cagayan Economic Zone Authority (CEZA) revealed that it will house a $100-million facility in two years’ time.
Mr. Raul Lambino, CEZA administrator and CEO, stated that they allocated 8 hectares at the Cagayan Special Economic Zone and Freeport (CSEZFP) to foreign blockchain and fintech companies.
The CEZA chief also added that the foreign companies coming into the economic zone will transact with clients outside the country. This is because the country’s regulators are still developing guidelines for cryptocurrency transactions. He shared that they would wait for clearer rules from the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) before they allow these companies to transact with clients from the Philippines.
The BSP released memorandum circular no. 944 to serve as guidelines for virtual currency to fiat exchanges in the country. The SEC released an official advisory regarding initial coin offerings (ICO).
Mr. Lambino expects Cagayan’s fintech and crypto city to earn around Php 2 billion to Php 3 billion worth of investments. He said that the hub is requiring fintech companies a minimum of $1 million investment.
It is also reported that a Korean company will build a blockchain university inside CSEZFP.
While the Cagayan crypto city is under-construction, the fintech companies interested in investing can temporarily work in CEZA’s offices in Bonifacio Global City, Taguig, Philippines.