cryptocurrency zones philippines

As the Cagayan Economic Zone Authority (CEZA) started to open its doors to blockchain and cryptocurrency into the city, CEZA chief attorney Lambino is now on an ambitious new venture that will make Cagayan the premier blockchain centre in the region.

Lambino has struck a deal with the blockchain development company Stepwyze, entering into a partnership to make use of emerging technologies — this includes cryptocurrencies and blockchain — and integrate within CEZA. But, Cryptovest reported that it the agreement also targets of allowing emerging technologies be also available in special economic zones around the world. However, CEZA and Stepwyze did not disclose any information regarding the name of the coin pending further discussions.

“Within this partnership Stepwyze intends to create an ICO (initial coin offering) to fund the development of a blockchain solution for monitoring and auditing cryptocurrency, vertical currency exchanges, as well as the likely integration of gaming and port operations of their free port,” according to the deal quoted on an article on Cryptovest.

In April, Lambino allowed 10 blockchain and virtual companies, which will be the first in the Philippines after allowing them to operate in special economic zones within the country, to operate within CEZA, Reuters reported. The report also said the blockchain and virtual companies can take advantage of the tax perks while being able to open jobs to the public.

“We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans,” Raul Lambino, chief of the Cagayan Economic Zone Authority (CEZA), told Reuters.

“They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange,” Lambino said.

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