The Philippines, Thailand and South Korea are taking steps to become less resistance to cryptocurrency and blockchain technology. This comes on the heels of Malta, Zug and Switzerland being successful at creating their own pro crypto environments.
According to a recent report by Nikkei Asian Review, the Cagayan Economic Zone Authority (CEZA) a government controlled economic zone in the northern part of Philippines will issue 25 cryptocurrency licenses to startups as well as various other financial incentives, such as tax exemptions.
According to to Lito Villanueva, the chairman of the FIntechAlliance during an interview with Nikkei said that the various countries are attempting to create a “crypto valley in Asia” by becoming a regional powerhouse. Villanueva believes each country has a vested interest in this partnership as “each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.”
As we recently reported in May, Thailand took steps to curb innovation by creating anti-cryptocurrency policies including taxing investors. However, over the past few months the country has moved towards adoption by working with startups to foster innovation. South Korea has also got on board with crypto by drafting the country’s first cryptocurrency and blockchain legislation. The country is doubling down on crypto by investing billions into emerging technology companies that are focused on big data and blockchain.
Given, Japan is already established and seen as one of the most important countries for blockchain and cryptocurrency technology it will be interesting how the other surrounding states will work with or compete with Japan in the future. It is possible, the new crypto valley could extend to all of south-east asia thus benefiting all states.