Just like the cryptocurrency hub at Zug, Switzerland, Philippines government has decided to set up first ever crypto valley of Asia. The Cagayan Special Economic Zone and Freeport of the state have been chosen for this project. The prescribed zone is all set to accommodate 25 crypto firms. The project has already fetched a whopping investment of $100 million for itself from Northern Star.
The Partnership
In a significant move, the Philippine government has joined hands with Northern Star Gaming & Resorts Inc. to bring the Crypto Valley of Asia (CVA) to life. As one of the country’s leading private property developers, Northern Star aims to spearhead this ambitious initiative. Fundamentally, the venture seeks to foster a robust fintech ecosystem tailored for international blockchain companies. Moreover, this collaboration reflects the country’s growing commitment to becoming a regional hub for blockchain innovation. Moreover, it also aims to stimulate economic growth in the northern region of Luzon, contributing to broader national development goals.
The crypto valley of Asia has already received the payments from the seventeen crypto companies to get a space in the valley. The Philippine government officials have confirmed it. Furthermore, two of them has been grated the licenses as well. The government is buoyant to raise funds of $68 million in lieu of providing lenience of the total 25 crypto companies.
What would be there in “Crypto Valley of Asia”?
Moreover, Northern Star has envisioned itself as a pioneering force aiming to transform the region into the crypto valley of Asia, laced with all leading and world-class facilities. Northern Star plans to bring its vision to life by transforming the valley into a true work of art. It will include fully-equipped crypto mining firms, a world-class internet data center, and well-structured cybersecurity and risk assessment facilities. These features aim to establish a self-sustaining, technologically advanced crypto ecosystem. In addition, it will feature self-contained power production units, ensuring uninterrupted energy supply and sustainability.
Notably, the valley will share its locality with the scenic Sierra Madre Mountain Range. In the initial phase of development, the project will feature 25 shops within the valley. During this early stage, services will focus on business incubation, acceleration hubs, and back-office operations catering to overseas virtual exchange platforms.
Moreover, companies such as the Singapore-based cybersecurity and risk assessment firm Horangi, Malaysia’s co-working space provider Common Ground, the Philippines’ Blackpanda, and Blockchain Academy have already secured a place for themselves in Asia’s crypto valley, signaling growing regional interest and investment in the blockchain ecosystem.
