January 16, 2019. The Asia Blockchain and Crypto Association (ABACA) announces the launch of CEZEX, a security trading platform on January 28, 2019. It will engage in offshore cryptocurrency trading operations based in the Cagayan Economic Zone.
As a holder of the Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license granted by the Cagayan Economic Zone Authority (CEZA), CEZEX can facilitate offshore users to trade fiat to crypto, security tokens backed by assets (like stocks, bonds, etc), and even derivatives.
It is important to note that the license granted to CEZEX only allows it to engage with non-Philippine residents, made possible by the laws governing the Cagayan Economic Zone. Other companies who wish to engage in crypto-to-fiat activities must secure a license from the Philippine Central Bank (Bangko Sentral ng Pilipinas – BSP).
CEZEX is backed by digital asset exchange operator Pinnacle Digital, Singapore-based fintech investment firm IPE Global, and Softbank-affiliated venture capital fund – SB Kaikaku Fund. It will collaborate with 4 sponsors or nominated advisors to introduce and list security tokens and digital assets.
ABACA – Asia Blockchain and Crypto Association is a self-regulatory organization within the Cagayan Economic Zone composed by various fintech, blockchain, and crypto companies with the purpose of self-regulating and self-monitoring the code of ethics and compliance best practices within the economic zone.
As of press time, there are 20 offshore crypto exchange license holders granted by the Cagayan Economic Zone. Check out the updated list here.
This article originally appeared on BitPinas: CEZEX To Launch At Cagayan Economic Zone This January 2019