Advertisement PDAX Banner

Philippines’ Cagayan Economic Zone Formally Awards Second Offshore Crypto License

Photo for the Article - Philippines' Cagayan Economic Zone Formally Awards Second Offshore Crypto License

The Cagayan Economic Zone Authority (CEZA) formally awards a new offshore cryptocurrency exchange license to Liannet Technology Ltd. at a ceremony in Metro Manila today.

Liannet Technology Ltd., a subsidiary of the international Apsaras Group, formally receives the Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license. Present in the awarding are representatives of both CEZA, Liannet, and Apsaras along with invitees from both the Philippine government and the business sector.

Bitpinas was invited to witness the event.

The license allows Liannet to establish a financial tech, crypto, and blockchain office at the Cagayan Economic Zone. Part of the agreement is the establishment of CZC digital exchange. Also, another initiative is the “personal ID”, developed through Ambertime Blockchain Technology to promote a system where users use the digital ID to engage in various activities such as leisure, travel, online appointment, online payments, investment, and education.

In a speech, Jian Li, the president of Apsaras Group Limited, said that his company aims to create an entire ecosystem around blockchain technology and cryptocurrency. Furthermore, he expressed his confidence that CZC Exchange will be able to contribute to the development of the Cagayan Economic Zone.

Advertisement PDAX Banner

CEZA administrator Raul Lambino said that 12 of the 17 other fintech and offshore cryptocurrency firms have already fully paid their applications and license fees and are right now waiting in line. 19 of the 36 offshore firms are expected to follow suit. He also said that future plans seem to be coming along faster than he has anticipated.

Indeed just last week, CEZA reports that its income for the 2nd quarter of 2018 has already exceeded all of its income for the entire 2017, thanks largely to fintech’s interest in locating at the economic zone. CEZA stands to earn Php 3.5 billion ($67 million) from the 25 principal holders of the Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license or Offshore Cryptocurrency Exchange License. The economic zone will also have a 0.1 percent share from every transaction value generated from these offshore exchanges.

Acknowledging the blockchain revolution, Secretary Lambino offers the Cagayan Economic Zone as a haven for fintech innovation to grow, and for the business opportunities of technology to rise.

The first Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) licensee was Golden Millennial Quickpay, who received the license in a ceremony early this June.