November 21, 2018. The Cagayan Economic Zone Authority (CEZA) cracks down any illegal online cockfighting (sabong) and unlicensed cryptocurrency firms in the economic zone. The agency reiterates that it is not issuing any license for this kind of operation and anyone who is involved is subject to arrest and prosecution.
The CEO and administrator of CEZA, Secretary Raul L. Lambino, stated that ever since he took over CEZA in mid-2017 he banned any form of “online sabong” or “e-sabong” in the economic zone.
“We have put a stop to online sabong, and any company claiming to have a valid license from CEZA to operate must know that they face arrest, investigation and prosecution by the proper law-enforcement authorities,” – Secretary Raul L. Lambino, Administrator and CEO, CEZA
He is also seeking the attention of the National Bureau of Investigation (NBI) and the Philippine National Police’s (PNP) Criminal Investigation and Detection Group (CIDG) to arrest the fake CEZA license holders.
In addition to illegal online sabong, unlicensed cryptocurrency firms have also sprouted in the Crypto Valley. These unlicensed crypto firms are trying to set up their own illegal operations and some of them are even posing as legit fintech companies to hide illegal activities.
As of press time, CEZA has awarded 18 licenses to startups that engage in cryptocurrency mining, tech research, and development. These companies are Golden Millennial Quickpay, Ultra-Precise Investment, Liannet Technology, Rare Earth Asia, Formosa Financial, Tanzer Holdings, Asia Premier, Orient Express Global, White Ranch, Dragon Empire, Glaxay Plus, Tiger Wheel, IPE Global, Cr8tive Solutions, Sino-Phil., Digifin Technologies, and Hong Kong Yuen Shing Hong Ltd.
Secretary Lambino stresses the importance of exercising caution when getting into Fintech ventures and investments.
It is previously reported that CEZA aims to establish a Code of Conduct for cryptocurrency company locators to make sure regulations in the economic zone are kept in check. The Code of Conduct then, according to Sec. Lambino is “necessary as part of a broader strategy that will surely improve the effectiveness of regulation and market strategy” of CEZA to companies in its jurisdiction.