21 FinTech Firms Sign up to Make CEZA a Blockchain and Cryptocurrency Hub

At least 21 offshore companies in the FinTech sector have signed up with the Cagayan Special Economic Zone Authority (CEZA) after the CEZA Fintech Summit 2018 in the Philippines. According to CEZA CEO and Administrator, Raul Lambino, the state agency is seeking to make the Cagayan Valley a ‘FinTech City’ or Asia’s Silicon Valley. Despite the tight regulatory environment in China and South Korea, cryptocurrency and blockchain companies from these two countries seem to top the list of firms that already signed memorandums of understanding with CEZA. In total, the flow of investment resulting from these deals is expected to reach $32.3 million in next two years, which includes license and application fees that will be paid by digital currency firms which will conduct ICOs, blockchain production, cryptocurrency mining or operate exchanges. According to the agreement, each FinTech company will be expected to make a minimum investment of $1 million over two years and pay license fees to the tune of $100,000.

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