The Cagayan Economic Zone Authority (CEZA) recently approved more crypto exchange operators.
These companies now hold a much-coveted spot on the CEZA-licensed crypto exchange list.
This development is in line with CEZA’s goal to create “a technological garden and a safe haven for the evolution of the world’s next wave of groundbreaking technological innovations” by “pioneering a government-backed hundred million dollar ecosystem for financial technology and cryptocurrency business.”
To date, 24 companies have been granted an Offshore Virtual Currency Exchange (OVCE) principal license while 13 now hold an OVCE regular license.
As previously explained by CFN, a principal OVCE license allows the firm to conduct offshore fintech and offshore virtual currency exchange activities while a regular license is limited to virtual currency exchange activities only. Both are provisional in nature which means it can be revoked if the company does not comply with CEZA’s OVCE rules and regulations
Among the principal CEZA-licensed companies are Golden Millennial Quickpay Inc. Ltd., Ultra Precise Investment Ltd., Liannet Technology Ltd., Rare Earth Asia Technologies Corp., Formosa Financial Holdings Ltd., Tanzer Holdings Ltd., Asia Premier Ltd., Orient Express Global Ltd., White Ranch Ltd., Dragon Empire Developments Ltd., Galaxy Plus Developments Ltd., Tiger Wheel Ltd., IPE Global Pte. Ltd., Cr8tive Solutions Management Ltd., Sino-Phil Economic Zone Agency Development and Management Corp., Digifin Technologies Pte. Ltd., Hong Kong Yuen Shing Hong Ltd., First Bullion Holdings Inc., Okcoin Philippines Technology Co. Ltd., 6X Tech Pte. Ltd., Increz Korea., Harseq Inc. Ltd., Fafa Internet Blockchain (China) Co. Ltd., and Wangwang Quickpay Foundation Ltd.
Regular CEZA-licensed crypto exchanges are Cezex Trading Ltd., Unicorn Venture Investment Ltd., Eplata Pacific Pte. Ltd., A&C Fintech Ltd., Zipmex Pte. Ltd., Bird Mouse Co. Ltd., Ecoflow Ltd., Adax Tech Ltd., Monetium Co. Ltd., Bitpoint APEC Investment Corp., HXL (HK) Technology Ltd., Noah Ark Technologies Ltd., and WTIA Pte. Ltd.
CEZA, a government-owned and controlled corporation, is well on its way to building the Crypto Valley of Asia (CVA) which is designed to be “home to a new wave of financial technology companies” and “will help foster a thriving ecosystem of networked Fintech firms.”
Being the first economic zone in Asia to regulate, license and propagate offshore financial technology solutions enterprises and offshore virtual currency exchanges, CEZA, on its website, vows to provide safety and security amid the risks of dealing with cryptocurrency and blockchain technology.
“Compliance to existing laws and regulations, accuracy, privacy, and security of information will be ensured through the advanced technology of CEZA’s central system,” CEZA says.