CEZEX To Launch At Cagayan Economic Zone This January 2019

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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.

CEZEX claims to have the highest levels of KYC and AML compliance, an important requirement before securing crypto licenses in the Philippines.

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

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A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]