Whether we accept it or not, blockchain technology and cryptocurrency are growing trends that are being used towards progress in different countries. Finally, we can now say that it has officially come to the Philippines.

At least 15 offshore companies gives 1.7 billion worth of investment to Cagayan Special Economic Zone and Freeport (CSEZFP).

The Cagayan Economic Zone Authority (CEZA) received the signed contracts from the companies which are said to be mostly involved in financial and blockchain technology.

The contracts between them include application and license fees to be paid by the cryptocurrency companies.  Therefore, they will be able to do several things like:

1. operate virtual exchange of cryptocurrency

2. engage in cryptocurrency mining

3. work on blockchain technology development

4. conduct initial coin offerings (ICOs)

In addition to this, CEZA Administrator Raul Lambino said that if we work with cryptocurrency companies, it’s a big advantage for the Philippines. Because, doing so will allow the the country to be competent enough.

As a result, the Philippines can provide an environment that pushes for financial innovation and inclusion. Lambino also said that they’ll equally protect the best interests of the country, the financial system, consumers, and investors.

15 Companies to set up in CSEZFP

• Changwei International Co. Ltd., Xin Peng Group and ST Union Capital Holdings

All these three Hong Kong-based Chinese firms are all looking into creating an international crypto exchange platform and other related businesses.

• Hanwha Life

This is Korean conglomerate Hanwha Group’s insurance arm which signed the contract. It promised to support CEZA with its fintech and blockchain programs.

• Hachiman Technology Sdn BHD
• MX Exchange Ventures, Coin Bundle
• IPE Global PTE Inc.
• Superieur Tech Pte. Ltd.
• CSM
• Madison Blockchain Strategy Investment Company Ltd.
• Asia Pacific Blockchain Association
• Pacificnet Strategic Investments Ltd.
• SuperAngels Ventures Ltd.
• ANX International

Blockchain Technology and Cryptocurrency Promises

As a result of the agreements with the companies, we are looking into a greater economy by providing more employment opportunities. Lambino emphasized this as the aim by saying that our country will be able to provide the cryptocurrency companies with the manpower for their businesses.