CoinBundle Signs Cryptocurrency Exchange License Agreement in the Philippines
Co-founder and CEO, Saad Rizvi met with the National Secretary and signed a MOU between CoinBundle and CEZA — the Cagayan Economic Zone Authority.
Recall from this past April, the Philippine government made an announcement planning to allow blockchain and cryptocurrency companies to operate in an economic zone in Luzon for tax breaks and to increase employment rates.
Great news for the future development of CoinBundle
On Monday, the CEZA administrator and CEO Raul Lambino addressed members of the media at “A New Venture in the Valley Unfolds: CEZA FinTech Summit 2018.″ Lambino explained the plan to position Cagayan Valley to become a “FinTech City” or the “Silicon Valley” of Asia.
“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here.” -Saad Rizvi
Saad is thrilled to have his company at the forefront of this movement and is excited about the partnership’s implications on the success of CoinBundle and the global cryptocurrency environment.
Over the course of two years, each of the 15 locators will be required to pay $1 million as well as annual licensing fees. An estimated P1.7 Billion ($32 Million) is expected to be raised from these investments and fees. The funds will be used to develop the economic zone infrastructure and each company will receive full tax perks.
Approximately 20 acres within the CEZA has been reserved for future fintech development, cryptocurrency companies, virtual currency exchanges, crypto mining operations, and blockchain developers, and initial coin offerings (ICOs.)
All roads lead to CEZA
Sec. Lambino dropped some hints about strengthening the region’s future economic culture by developing a marina, an international airport, as well as a highway system which will connect the valley’s economic zone with the rest of the world.
“This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses,” Lambino added.
The MOU
Lambino signed a memorandum of understanding, or MOU, with companies representing the following fields and industries:
Chemicals and materials, aerospace, mechanical and electrical engineering, energy, construction, finance and investing, international crypto exchange platforms, and other related businesses.
“Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers and investors are adequately protected,” explained Lambino.
This partnership with the Philippines will have a serious positive impact on the progression of international blockchain and cryptocurrency projects going forward.
The original story can be found here.
