Asia is rapidly becoming one of the most attractive markets for digital currencies and numerous countries including Thailand, South Korea and the Philippines are competing to be the first to launch a crypto valley.
A “crypto valley” is a city or area that attracts blockchain and cryptocurrency firms. It is a derivative of “Silicon Valley” in California has over the years been quite attractive to major tech firms. South Korea, Thailand and the Philippines are all competing to be the first to create a crypto valley through measures aimed at becoming more attractive to crypto and blockchain companies.
One such example is the recent announcement by the Philippines about plans to spend roughly $100 million towards establishing a blockchain hub in Cagayan Special Economic Zone (CEZA). Raul Lambino who is one of the top executives at CEZA recently inked a deal with a private developer known as Northern Star Gaming & Resorts for the creation of a Crypto Valley in the country. The project is expected to create 10,000 new jobs.
“The first phase of the project will consist of a 25-shop housing development inside the cyberpark developed in compliance with the security requirements of licensed offshore virtual asset exchanges locating at CEZA,” stated Lambino.
South Korea also has a similar ambitious plan of becoming a cryptocurrency hub. Jeju province governor Won Hee-ryong has been on a mission to transform his province into a special cryptocurrency zone and has even been seeking approval from the central government. Governor Hee-ryong pointed out in one of his statements that blockchain represents an opportunity for South Korea to become a global leader in the development of a global internet platform. The country is planning to invest roughly $4.4 billion on pilot blockchain projects in 2019.
Thailand is determined to boost its investment appeal to fintech companies operating in Asia. Just a month ago, the country’s Securities and Exchange Commission introduced new crypto regulations that allow retail investors to receive cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC).
These are just some of the numerous countries that are determine to build a crypto valley and for good reasons. Each of them wants to be at the forefront of blockchain and developments while also reaping many other benefits being an attractive hub for crypto and blockchain firms.