Philippines’ Crypto Valley of Asia to get its own airport
Investors and service providers interested in moving in are concerned about the necessity of an airport
The construction of a new airport in the “Crypto Valley of Asia” has been confirmed by the Philippines Cagayan Economic Zone Authority (CEZA). The final cost will be between $60 million and $80 million.
According to CEZA’s CEO Raul Lambino, ”It’s an important facility in the establishment and realization of the so-called Crypto Valley of Asia concept that we have embarked”.
CEZA is now talking with the Department of Transportation and the Civil Aviation Authority, who are in charge of licensing new airports. According to Lambino, they expect to “realize this in the next three years”.
Thanks to this initiative, blockchain developers and crypto exchange operators will be able to work on a stable and safe region. The Philippine Government is hoping to attract international companies to set up shop there, as one of their main concerns was the lack of airport facilities.
The alternative option would be constructing an expressway connecting Lal-lo, where the nearest airport is located, and the ecozone. “Unless we construct an expressway, we would not be able to address the concern of investors who would want to come to the ecozone as quick as possible” said Raul Lambino, arguing that constructing an airport would be faster and more practical.
CEZA offers two types of licenses: one of them to conduct fintech and crypto activities and another one restricted to only crypto activities. The authority confirmed that there are up to 25 fintech licensees from Asia and Europe, and that a total of 40 companies have been licensed.
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