Singapore-based digital trading asset exchange 6x.com, recently secured a license from the Cagayan Economic Zone Authority (CEZA) to conduct financial technology solutions and offer offshore virtual currency exchange services.
Having undergone a series of stringent probity and integrity check, 6x.com is one of the leading cryptocurrency exchange operators to be granted the license. As pioneers in developing a trading exchange based on blockchain technology, 6x.com will contribute to the economic development of CEZA in the area of blockchain, crypto and financial technology solutions.
International vice president, Vanessa Koh said, “We are happy to be granted the license to offer financial solutions and offshore virtual currency exchange services to our global customers. We are glad to have the support in the Philippines and be part of the government’s master plan to establish a clear cryptocurrency ecosystem in the country.”
Meanwhile, the Philippine Economic Zone Authority (PEZA) has approved a total of P140.24 billion worth of investments in 2018, the agency reported. According to PEZA, investment pledges last year dropped 40.97 percent from P237.57 billion.
Value of investment commitments declined after the number of projects registered with PEZA also decreased by 4.51 percent from 554 projects in 2017 to 529 projects in the previous year.
“The drop is for new investments caused by the uncertainties of change of policies,” PEZA Director General Charito Plaza said, as she clarified that existing locators were not pulling out their investments in the country.
“New investments dropped also because of the forthcoming election where the next Congress might change again the policies,” she explained further.
Despite the decline in investment pledges, investment approvals by PEZA has continued to create jobs for Filipinos.
As of October 2018, jobs within PEZA-registered economic zones increased by 7.33 percent with nearly 1.5 million jobs compared to 1.4 million jobs at end-October 2017.