The Philippine government is encouraging blockchain and cryptocurrency firms to invest in its Cagayan Economic Zone , whose state authority has set up a financial technology company , aiming to create an Asian version of Silicon Valley . The deal marks the first time such companies will operate legally in the country , and will involve cryptocurrency exchanges , retail operations and initial coin offerings . The 10 companies involved will have to secure jobs in exchange for tax breaks , and they will have to invest $ 1 m and pay $ 100,000 in licence fees . A fintech and blockchain university may follow to help train employees .
The Philippine government is encouraging blockchain and cryptocurrency firms to operate in its Cagayan Economic Zone, whose state authority has set up a financial technology hub, aiming to create an Asian version of Silicon Valley. The deal marks the first time such companies will operate legally in the country, and will involve cryptocurrency exchanges, mining operations and initial coin offerings. The 10 companies involved will have to create jobs in return for tax breaks, and they will have to invest $1m and pay $100,000 in licence fees. A fintech and blockchain university may follow to help train employees.