Last few months our community is boiling about the Noah team’s commitment to getting CEZA license. But what is Cagayan Economic Zone Authority and why the Philippines, which is set to become the New Crypto Hub? We decided to provide some juicy facts about it:
Smaller countries getting crypto-friendly
If experts are to be believed, the cryptocurrencies market cap may reach$4.5 trillion by the end of 2020. This is considering current growth trajectories and that no dramatic events occur. And smaller nations are poised to get a big piece of this huge pie. All major crypto exchanges and a lot of blockchain businesses are moving to these freedom-like regions, after getting frustrated with their own government’ apathy towards digital assets. Case in point — Binance, OKEx, and DQR, among many other cryptosharks, moved their operations to Malta recently. Estonia, in less than a year, issued over 900 licenses to such businesses.
Estonia is attracting crypto businesses with its e-residency program. Through this program, any individual from anywhere in the world can apply to become a “digital resident” of Estonia and avail a host of its services, including establishing and managing a location-independent company. Malta has created a progressive cryptocurrency regulations framework that has given it the reputation of the “Blockchain Island.” The most important of these laws is the Virtual Financial Assets (VFA) Act that establishes a regulatory regime for ICOs, crypto exchanges, wallet providers, etc.
The Philippines aims to be the crypto hub of Asia
The Philippines enters the best-crypto-place race with great economic potential. It has posted an impressive GDP annual growth of more than 6.5%, and the World Bank is confident that the country will continue its solid march, with projected growth upwards of 6.5% in 2019 and 2020.
Philippines government found an elegant way to create special economic zones in an effort to boost the crypto adopting process and get rid of legislative limitations. The preeminent among them is the Cagayan Special Economic Zone or CEZA. CEZA is a government-owned and controlled corporation. It is a comprehensive infrastructure looking to attract productive local and foreign businesses and create employment opportunities.
Recently, the CEZA partnered with Northern Star Gaming and Resorts Inc., a private property developer in an effort to create “Crypto Valley of Asia (CVA).” The CVA will help financial technology companies establish operations in CEZA. Soon, cutting edge services like a world-class data center, self-contained power production facilities and a state-of-the-art cyber security and risk assessment facility will also come up at the CEZA. That sounds sweet and attractive, especially for such innovative companies like the Noah Project.
Noah project is getting pumped for new achievements in CEZA
The Noah Project is committed to becoming a major participant in the economy of the Philippines through its crypto-based remittance ecosystem. It will help millions of migrant Filipinos from around the world to send money back home at highly reduced rates instantly, without any intermediation. The Noah Project is also entering the real estate and hospitality business to create a crypto-powered ecosystem.
The Noah Team is planning to enhance the ecosystem by getting a license from the CEZA, as well as running their own cryptocurrency exchange. The process is in the preliminary stages, and the Noah Team enforces to establish the most promising partnerships with banks and IT developers to make the currency conversion in the most effective and secure way. Noah’s own crypto exchange will find it easy to set up operations after getting the relevant licenses and get going in record time. With a decreased go-to-market time, it will stabilize Noah Coin immensely.