Philippines, South Korea and Thailand to get crypto valley soon
Crackdowns on developments related to blockchain and trading in cryptocurrencies have been reported by many South Asian countries including Vietnam and Thailand. Thailand has recently decided to levy heavy tax on crypto traders as well as the platforms for trading.
It seems that Thailand’s intention to create an environment with suitable regulatory frameworks for cryptocurrency startups is the outcome of local investors’ outrage coupled with nations like Phillippines, South Korea and Japan’s unequivocal support for cryptocurrency related businesses.
Efforts by trio nation in seeing cryptocurrencies achieving new highs
A CCN report of last month said a government-run economic zone in Northern Philippines, Cagayan Economic Zone (CEZA), would be issuing licenses to 25 cryptocurrency exchanges so that startups get tax exemptions. “We do not want the Philippines to be a haven for scammers even if these scams are happening abroad. That’s why through our probity and integrity check we can determine if their transactions are just designed to entice unsuspecting people to invest in Bitcoin or whatever crypto coin that is a fraud,” CEZA chief Raul Lambino was quoted as saying by a government-owned newswire.
In an interview with Nikkei, Fintech Alliance chairman Lito Villanueva said the Philippines will be establishing a $100 million blockchain hub for the purpose of building the next “crypto valley in Asia”, “With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.”
Jeju Island governor Won Hee-ryong had recently invited Roger Ver for the purpose of demonstrating how to use cryptocurrencies. Hee-ryong finds blockchain as an opportunity for South Korea to become a leader in global internet development, “Blockchain is an opportunity for Korea to take the lead in global internet platform (development).”
After Japan pipped US as the largest market for cryptocurrency exchange, Asia has got the tag of the world’s biggest market for cryptocurrency and blockchain. The latest efforts by countries like Japan, Thailand, Philippines and South Korea will undoubtedly help the cryptocurrencies to break the barriers expand in new horizons.
Image via Shutterstock
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