• Sat. May 21st, 2022

Philippines: Bataan Free Zone Targets Digital Currency and Blockchain Companies with New Regulations

ByHazel R. Lang

Apr 13, 2022

Bataan, an economic zone in the Philippines, is looking to become the country’s digital currency and blockchain hub with the passing of a new law that allows the local regulator to oversee the industry.

In a recent announcement, the Bataan Free Zone (FAB) revealed that the passage of Republic Act No. 11659 paves the way for the ecozone to transform into an offshore financial hub that encompasses emerging fintech markets.

In its new capacity, the Bataan Free Zone Authority (FAB) will be able to license, register, supervise and approve local and foreign business entities engaged in sectors such as artificial intelligence, cybersecurity, virtual reality, l of things, and smart cities.

AFAB will also now be responsible for overseeing blockchain and distributed ledger technology in the Bataan Free Zone, which is one of more than 400 operating economic zones in the Philippines.

In its efforts to market the economic zone as a blockchain-friendly destination, the FAB, led by Administrator Emmanuel D. Pineda, attended the recently concluded AIBC Dubai Summit, where blockchain industry executives and digital currency came together. Jimmy Nguyen, the founding president of the BSV Blockchain Association, led the BSV delegation, which included Daniel Lipshitz of Gap600 and Muhammad Salman Anjum of InvoiceMate at the event. Leaders insisted that blockchain must be useful throughout the two-day summit.

In a further effort to make FAB a digital currency-friendly destination, leading Philippine blockchain companies have teamed up to develop the Bataan Blockchain City.

Francis Jimenez, CEO of Acceptar Group, one of the companies behind the initiative, said, “Helping establish blockchain companies in the Philippines will accelerate the mass adoption of crypto and incentivize industry leaders. industry to invest and set up their base here.

Emmanuel Samson, the co-founder of Impero Group, another company heavily involved in the initiative, invited all blockchain and fintech companies “to join us in developing AFAB’s regulated digital ecosystem and all at within the Blockchain City of Bataan”.

The ecozone’s efforts have already begun to bear fruit. Last year, Global Tradex, a digital asset and NFT exchange, moved to FAB, saying the regulatory-friendly approach taken by authorities was a major factor in its decision.

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