Asia Crypto Valley CEZA Planning to Build an Airport

News / 10.01.2020

The Cagayan Economic Zone Authority (CEZA) of the Philippines has affirmed its intention to establish an airport inside its Crypto Valley of Asia. The cost of the airport is going to be between $60 million and $80 million, says the CEO. The CEO said the airport is critical to establish and realize the Crypto Valley of Asia initiated by CEZA.

According to the CEO, at the moment, CEZA is trying to obtain a license from the Department of Transportation and the Civil Aviation Authority of the Philippines. He expressed hope that the airport will be ready within the coming three years.

The Crypto Valley of Asia was initiated by CEZA and Northern Star Gaming and Resorts Inc. towards the provision of a stable and safe zone for blockchain developers and cryptocurrency exchange operators.

It is part of an effort by the government to promote a fintech ecosystem towards the attraction of global cryptocurrency and blockchain firms to establish shops in the country. The CEO thinks that the initiative will help the country become one of the leading offshoring destinations for fintech and works related to blockchain.

Besides, the CEO noted the worries of the investors and firms in Cagayan Special Economic Zone and Freeport over the lack of airport facilities. This is because the nearest airport to the economic zone is 80 kilometers away. He compared the cost of building an expressway and an airport. However, he concluded that it is more practical and faster to establish a new airport.

There are two kinds of licenses offered by CEZA. One is the principal license and the other is the regular license. The principal license enables licensees to carry out offshore fintech and cryptocurrency exchange activities, and the regular license is only to carry out cryptocurrency exchange activities. CEZA has affirmed that there are 25 financial technology principal licensees from Asia and Europe. Reports have it that a total of 40 companies have received license from CEZA, as of four months ago.

The Central Bank of the Philippines offered licenses to 13 cryptocurrency exchanges for operations in the country. In recent times, the International Monetary Fund (IMF) started offering technical assistance to the central bank, as well as on cryptocurrency assets. The IMF considers the country a place to become a crucial market for cryptocurrency assets.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

avatar
Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.