Philippines will open about 20 000 jobs in fintech

The Сagayan economic zone (CEZA), located in the Philippines, can become an ideal platform for fintech startups, cryptocurrency exchanges and companies operating on DLT technology.

Back in June this year, the investment promotion agency of the Philippines began to develop legislation to protect crypto investors. Subsequently, the government decided on licensing 10 crypto firms.

“We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans,” Raul Lambino, chief of CEZA, said.

The interest from offshore companies exceeded all expectations, and the number of licenses CEZA is ready to issue increased to 25. The government expects to earn about $68 million on the issuance of licenses to crypto companies. In addition, the Treasury will receive 0.1% of the cost of each transaction on crypto platforms. Moreover, according to the rules, each crypto-exchange must have an office in the Philippines and invest at least $1 million in the economic zone within two years.

Last week the license was acquired by Liannet Technology Ltd. The first right to the opening of a crypto office in CEZA was awarded the Golden Millennial Quickplay Inc. in June.

Administrator and CEO of CEZA Raul Lambino shared information that 17 companies have already paid their applications and license fees. Another 19 firms are in the pipeline. It is expected that after the issuance of licenses to crypto companies, Kagayan will open about 20 000 jobs in financial technologies.

“The CEZA fintech hub is already making history. It is creating new revenues for the agency, and it is going to create new jobs and business opportunities for northern Luzon,” Raul Lambino said during the blockchain summit in Mandaluyong City.

In General, one can surely say that the Philippines is now a worthy competitor to Malta, Canada, and Switzerland in the struggle for the title of the most crypto-oriented country.