The success of crypto startups in Europe, especially in Malta and Cyprus is something worth emulating, and the Asian countries are trying all they can to attract crypto firms into their country. More and more countries are easing their stern regulations to create a conducive environment for the companies to thrive in the region.
The Philippines, Asian Southeast Region Crypto Valley
Japan is currently the Asian hotspot when it comes to crypto, as the country is trying its best to create a crypto friendly environment and unveiling projects that can lure financial technology companies in the country, though other Asian countries are seriously on their tail.
The Philippines, a bubbling Asian country is leaving no stone unturned, as the South East Asian country is building a $100 million blockchain hub, dubbed the “crypto valley of Asia.” This is in a bid to break the hegemony of the European nations in owning a blockchain hub, and to mimic Zug, Switzerland which houses close to 200 blockchain firms and generally regarded as the birthplace of Ethereum.
The Cagayan Economic Zone Authority, the brain behind the new project, has secured the commitment of more than 25 technology companies, which will help to set up the hub. The blockchain hub will include an internet data centre, self-sustaining power production infrastructure, and a blockchain academy training facility.
The project will also benefit the locals, as it will aid in reducing the unemployment rate in the country. Reiterating this fact is the CEZA Chief Executive, Raul Lambino, who stressed that the project would generate 10,000 local jobs for its indigenes.
“The overwhelming interest from offshore companies in financial technology solutions and cryptocurrency trading that want to locate at the Cagayan Special Economic Zone has surpassed all our expectations.”
More Countries to Embrace Crypto
It is speculated that coin offering in the form of STO might also be allowed in the country, as the Philippines Securities and Exchange Commission is taking a look into the same. The rules in the sale of the tokens will be similar to those for initial public offerings.
The blockchain frenzy has also caught the attention of South Korea, as the Governor of Jeju, Won Hee Ryong, expressed his desire to make the Island a blockchain hub as well, and has sought the approval of the central government to designate the area for that particular purpose.
Speculations are rampant that more countries will embrace cryptocurrency in the coming years, as analysts say the economic crisis affecting most nations will fuel the acceptance. These countries, therefore, will have no choice but to look towards cryptocurrency to remain economically healthy, just as in the case of Turkey.