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 Philippine government has joined hands with Northern Star Gaming & Resorts Inc.to bring CVA or Crypto Valley of Asia into life. Northern Star is the country’s leading private property developer. The chief motto of this venture is to foster a fintech ecosystem for all international blockchain companies. Alongside, it will also focus to give a boom to the economic growth of the northern part of the country island of Luzon.
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”?
Northern Star has envisioned itself to make the crypto valley of Asia laced with all leading and world-class facilities. The valley would be a work-of-art with amenities like fully-equipped crypt mining firms, world-class internet data-center, well-planned cybersecurity and risk assessment facility and self-contained power production facilities.
The valley will share its locality with Sierra Madre Mountain Range. In the first phase of the project, there would be 25 shops inside the valley. The services offered in the initial stage would be of business incubation, acceleration hubs and back offices of overseas virtual exchange category.
Companies like Singapore based cybersecurity and risk assessment firm, Horangi, Common Ground- Malaysia based co-worker firm, Blackpanda from Philippines and Blockchain Academy have already secured a place for themselves in the crypto valley of Asia.