Crypto-Economy Arrives in Asia: S.E.A. Invests in Crypto
Northern Philippines launch their new project, “The Cagayan Special Economy Zone” and Freeport, with one hundred million dollars invested in blockchain. They altered regulations towards easing the process of investing in and trading cryptocurrency. Their mission appears to be becoming the Crypto Valley of Asia, the same way Switzerland is popular for being the country of origin for ETH, and having hundreds of blockchain producers and fintech companies.
Crypto in the Philippines
The Cagayan Special Economy Zone and Freeport managed to make connections with more than 25 fintech companies. They are to support the project and help realize their goal of dominating the capital of the growing realm.
Long-term wise, the Philippines will try to push through creating more than ten thousand jobs to the regional residents. This will be achieved through the efforts of the tech companies who would create data centers, infrastructures, and even courses and training guides that would help blockchain “enthusiasts” into becoming legitimate, expert figures in their own field- making it easier for the Philippines to choose and support the future blockchain leaders.
Securities and Exchange commission in the Philippines take a huge step forward into cryptocurrency by allowing coin payments as securities. This way, fintech companies have viable proof that they’re trusted to work with the government in the long-term. It could be small but is definitely a notable example of how the culture of fintech companies in South-Asia could thrive.
South Korea Takes Baby-Steps
On Jeju Island, South Korea implemented a project where they chose Seoul to be the central zone for blockchain companies and cryptocurrency investments.
The island’s governor, Won Hee-ryong has also promised to invest over four billion dollars in 2019 for developing new projects and regulating the economy.
How Cryptocurrency looks like in Thailand
The SEC in Thailand is working on regulations to help fintech companies have an easier business environment in the country. Retail investors are now allowed a bar of 9000 dollars worth of digital currency per unit.
As of now, over fifty entities started projects to develop new digital tokens, and three of them have already finished legal documents.
Japan is already ahead of the curve as they dominate the business in Asia; companies are already able to raise funds in cryptocurrency and are doing a great job at it. However, fintech companies are reaching out for the government to create a more secure environment as 500 million dollars worth of NEM were stolen the Coincheck exchange.
Tokyo is likely to create a more controlled environment. Otherwise, Japanese investors might look to leave Japan and start investing in other Asian regions.