The Philippines has committed itself to bring a positive change to fintech regulation while at the same time building its stronghold in the global fintech industry.
So far, Cagayan Economic Zone Authority (CEZA) in the Philippines has issued more than 30 licences to global cryptocurrency exchanges who have all pledged investment commitments to the zone.
The CEZA Chief Executive Raul Lambino highlighted the special economic zone’s role in embracing technology and improving the relationship between private sector firms and regulators.
“Like in most jurisdictions, the central banks, SEC, and finance departments can be conservative in allowing the immediate proliferation of disruptive technologies. We are very thankful to those responsible for crafting the bill becoming into law, creating the special economic zone with provisions allowing financial technology and banking practices to be developed in this zone,” Raul Lambino told the media.
So far, CEZA claims that it has received around $8 billion in investment commitments from companies across Asia.
While highlighting the guidelines for virtual currency exchange published by the Philippine Central Bank in 2017, Raul Lambino said they played an important role in forming new rules and regulations, especially the financial technology resolution and the cryptocurrency exchange resolution.
Last month, the Cagayan Economic Zone Authority along with Asia Blockchain and Crypto Association and First Bullion Holdings certified the Flourish City Development Limited Digital Asset Token Offering.
Earlier in April, the Philippines President Rodrigo Duterte signed the Philippines Innovation Act to boost innovation and promote growth and competitiveness. The law also aims to remove all bureaucratic hurdles faced by the private sector, especially fintech startups.