Philippines partners with Japan to build Asia’s crypto valley

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The Philippines is building Asia’s crypto hub, and it has found a partner in Japan. The two countries will team up on a project that will see the construction of a special economic zone for blockchain and cryptocurrency companies. The Philippines will construct an $80 million airport to open up the region and make it a blockchain hotspot.

In a recent visit, Japanese Minister of State for Science and Technology Policy Naokazu Takemoto revealed the partnership between the two nations. He doubled down on security token offering (STOs), describing them as a revolutionary development that will enable more people to invest in securities.

“STO is now becoming a worldwide funding method of financing, but the STO market in Asia, including Japan, has just begun to develop. To achieve the philosophy of ‘enhancing financial markets and enriching the economy by using technologies to benefit the entire population,’ cooperation between financial systems and technologies among Asia countries is essential and must be considered,” he stated.

Takemoto met with Raul Lambino, the administrator of the Cagayan Economic Zone Authority (CEZA). CEZA has been behind the development of the Crypto Valley of Asia, a hub that seeks to promote the development of crypto and blockchain companies.

And while the Philippines has been proactive in establishing the hub, it’s still way behind when it comes to formulating regulations that can promote crypto adoption. Takemoto called on the Filipino government to enact the regulations as it’s the only way the nascent industry can grow. Lambino echoed the sentiment, stating:

Congress needs to enact laws surrounding STOs and virtual currencies, and appoint a particular government agency to have jurisdiction to supervise the implementation of this. If not, we, particularly the CEZA, will end up being a mere host for back offices or business processing office (BPO) for foreign fintech companies while all the buying, trading, and offering payments will be done offshore.

CEZA also intends on constructing an $80 million airport to open up the crypto valley. Lambino revealed the initiative in a separate event, saying the airport will be put up right inside the economic zone.

He stated, “The construction of a new airport is an important facility in the establishment and realization of the so-called Crypto Valley of Asia concept that we have embarked.”

The airport is CEZA’s response to investors who’ve said they need an easy and convenient way to access the zone, according to Lambino.