While many Filipinos are already aware of cryptocurrencies and its core technology called blockchain, many are not aware that there is a strong move for the Philippines to lead in this arena. Recently, the Bataan freeport zone and a few private sector partners have staked their claim to this fast growing global market, now valued at approximately $2.6T and growing.
They are able to do this with the newly amended Law – Republic Act (RA 11453): “An Act Further Strengthening the Powers and Functions of the Authority of the Freeport Area of Bataan.”
This law allows blockchain-related offshore companies to legally establish their business in the freeport area. They allow multiple types of crypto-related activities including the following: Digital Asset Exchange, Token Generation Event, Blockchain Developer Businesses, Initial Coin Offering, Digital Wallet Utilization for virtual currencies, Distributed Ledger Technology and more.
The Bataan Blockchain City will be a place friendly to blockchain and crypto companies. The initiative will be led by the Authority of the Freeport Area of Bataan. Private sector partners include Impero Consortium Management Corporation and the Grand Innovasia Concept Corporation.
Blockchain and crypto related companies who locate in the Bataan Blockchain City will enjoy the benefits of a jurisdiction that fully supports their needs. These include predictable tax and legal regulations that will ensure the growth of locators, support for their marketing, business and partnership needs, and the security and peace of mind that a supportive location provides.
For more information :
https://legacy.senate.gov.ph/publications/ELLS/IB%20RA%2011453%20AFAB.pdf
https://www.blockchainfintech.ph/https://afab.gov.ph/