The Cagayan Economic Zone Authority (CEZA) launched its “Crypto Valley of Asia” initiative in 2017.
This is an effort to provide a stable and safe region for blockchain developers and cryptocurrency exchange operators to seek permanent offices for their back-office support infrastructure.
As of this posting, CEZA already 25 licensees with operations spanning Asia and Europe.
Within cryptocurrencies, a new asset class called “Security tokens” are gaining much interest in various parts of the world, especially in Japan. “Security tokens” are digitalized securities such as stocks, bonds, and equity interests in funds using blockchain technology.
While the rules and regulations around “security tokens” are progressing quite quickly in areas such as Europe and the United States, the regulations in Asia are still catching up to this new and exciting asset class.
Japan thru its Minister of State for Science and Technology Policy has met with CEZA Administrator and President Raul Lambino to lead the way in Asia.
It is expected that the Payment Services Act and the Financial Instruments and Exchange Act will be revised in April 2020.
It is in this context that Minister Naokazu Takemoto and Secretary Raul Lambino discussed ways that the Cagayan Economic Zone Authority and Japan can work together to create and develop this new digital asset class.
As security token offerings will fast become a new and exciting way for companies to raise funding, Japan and the Philippines look to lead the way in Asia.