MANILA, Philippines — The Cagayan Economic Zone Authority (CEZA) has granted an offshore virtual currency exchange (OVCE) license to Hong Kong-based Asia Premier International Limited (APIL), the 17th to be given by the agency.
In a statement, CEZA said the OVCE license was handed over by the agency’s administrator and chief executive officer Raul Lambino to APIL chairman and chief executive officer Alexander Fu Kong Sang last Friday.
With the grant of the license, APIL joins 16 other firms part of the Crypto Valley of Asia or CEZA’s premier hub for the development of digital token exchanges and blockchain technologies.
With the grant of the OVCE license, APIL chief operating officer Amando Jimenez said the firm is now ready to connect with the CEZA fintech hub and to run blockchain operations in the Philippines to serve overseas markets.
He said APIL’s OVCE license would allow its partners in the global blockchain industry, NiuEx Exchange to undertake crypto to crypto transactions.
“We look forward to a bullish market and a successful partnership with all our participants,” he said.
As of end-July, Lambino said 70 fintech firms have filed applications for licenses with CEZA to locate at the Cagayan Special Economic Zone and Freeport which provides a safe haven for the blockchain and cryptocurrency companies.
Earlier, CEZA said it is committed to grant principal licenses to an initial 25 fintech firms this year.
As CEZA is positioning the special economic zone as the “FinTech City” or the “Silicon Valley of Asia”, Lambino said there are plans to create a code of conduct for the crypto company locators and self-regulatory organizations (SROs).
“SROs, being comprised of members engaged in the industry, are able to provide key insights, critical research and updates on national and international business standards that CEZA will utilize to effectively and efficiently regulate the industries and licensees under its jurisdiction,” he said.
CEZA deputy administrator Raymundo Roquero said CEZA is also pursuing a plan to establish a Blockchain University.
This, as there is a need to produce blockchain programmers, coders, designers, among others, given the anticipated demand for such jobs in the future.