Blockchain Applicants to Eliminated by Philippines’ Cagayan Economic Zone

Blockchain Applicants to Eliminated by Philippines’ Cagayan Economic Zone

On 17th July, the Cagayan Economic Zone of the Philippines has started conducting a thorough screening of organizations to avoid unreliable companies. The Philippines has realized that with the development of blockchain there also comes the added disadvantage of many companies using the decentralized platform for nefarious purposes.

Ray Roquero, the Senior Deputy Administrator of the Cagayan Economic Zone Authority [CEZA] has stated that:

“Philippines’ Cagayan economic zone seeks to provide attractive conditions for financial technology (fintech) and blockchain enthusiasts but screens the applicants thoroughly to avoid fly-by-night companies”

Roquero stated this during CEZA’s first issue of a cryptocurrency exchange license to Hong Kong-based Golden Millenial Quickpay [GMQ]. GMQ is one of the many companies in the fintech sector that applied for a license to function in the CEZA setting the ground for a landmark deal. CEZA CEO Raul Lambino was also quoted as saying:

“GMQ is a pioneer in CEZA’s venture to establish a financial technology and offshore virtual currency exchange business, which will eventually form the nucleus of the CEZA Fintech Hub”

The Cagayan Special Economic Zone with its open-ended market scheme and welcoming trade policies provides fintech companies the perfect starting point blockchain startups.

The officials in charge of the Special Economic Zone have also revealed that the stringent security measures have been put into place because of Philippines’ new cryptocurrency policies. After a lot of controversies surrounding tougher impositions on cryptocurrencies crimes and laws in the Philippines, the government now allows operations of 10 blockchain and virtual currencies in the Cagayan economic zone.

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