The Philippines has a “Crypto Valley of Asia,” an initiative of the Cagayan Economic Zone Authority, the government agency responsible for managing the Cagayan Special Economic Zone and Freeport. An airport is now being planned for inside this economic zone to address the needs of its investors and crypto service providers. Many cryptocurrency exchanges have been licensed to operate within the zone.
Airport Planned for Crypto Valley of Asia
The Philippines’ Cagayan Economic Zone Authority (CEZA) has confirmed its plans to build an airport inside its “Crypto Valley of Asia.” According to Administrator and CEO Raul Lambino, the airport will cost between $60 million and $80 million. He was quoted by the Manila Times on Thursday as saying: The construction of a new airport is an important facility in the establishment and realization of the so-called Crypto Valley of Asia concept that we have embarked.
The CEO explained that CEZA is now in talks with the country’s Department of Transportation and the Civil Aviation Authority of the Philippines which are responsible for licensing new airports. “We hope we will be able to realize this in the next three years,” he remarked.
The Crypto Valley of Asia is a joint initiative by CEZA and private developer Northern Star Gaming and Resorts Inc. to provide a stable and safe region for blockchain developers and crypto exchange operators. The initiative is part of the government’s bid to foster a fintech ecosystem to attract international crypto and blockchain companies to set up shop in the country. Lambino believes that it will help the Philippines “become one of the major offshoring destinations for fintech and blockchain-related work.”
Meeting Investors’ Demand
According to Lambino, investors and companies operating within the Cagayan Special Economic Zone and Freeport have expressed concern over the lack of airport facilities since they need to get to the crypto valley as quickly as possible. However, the nearest airport to the economic zone, the Cagayan North International Airport, is 80 kilometers away. The CEO noted that a master plan and a feasibility study are currently being undertaken by an American company in collaboration with some of their local partners, the publication conveyed.