Philippines: Cagayan Economic Zone Boosts Global Blockchain Hub Bid with DAO Registry Launch
The Philippines’ Cagayan Economic Zone Authority (CEZA) has announced its plan to form a registry of decentralized autonomous organizations (DAOs), local news has reported.
CEZA’s move to create a comprehensive registry is aimed at bringing the Philippines one step closer to being the leading nation in blockchain development, according to information obtained by The Manila Times. The incoming DAO registry will be the first in Southeast Asia, following the lead from regions such as Switzerland, Estonia, Gibraltar and the United States.
“While a DAO registry is an achievement in itself, having and maintaining one is also strategically important. It is difficult to persuade any company to do business in their jurisdiction,” said CEZA Secretary Jaime Escaño. “But making this the case when the business is already incorporated is not only easier, but a natural progression of events.”
Escaño revealed that the DAO registry will host distributed ledgers to allow intended entities to track their application status and to promote transparency. CEZA notes that the use of blockchain will streamline processes, typically clogged with bureaucratic practices and red tape.
CEZA added that the DAO registry will stand out from other jurisdictions that usually impose tough obligations on the principal members of the DAO by creating a favorable operating environment.
Aside from creating the DAO registry, CEZA confirms that the long-term plan is to create a thriving ecosystem for digital asset operators. Sonen notes that building the ecosystem will not be a walk in the park, given the regulatory obstacles to blockchain adoption in the Philippines.
“By launching this DAO registry, CEZA will attract more blockchain companies,” Escaño said. “Over time, this critical mass of companies will be the selling point for more of their peers.”
Progress, but obstacles continue to plague the Philippines
The Philippines has been tagged as the fastest growing ecosystem in Southeast Asia for virtual currencies and blockchain. The country’s young and tech-savvy population played an integral role in achieving the record, having earned the titles of “Social Media Capital of the World” and Text Capital of the World.
Despite the progress, experts have identified that a lack of positive government regulation is stifling the country’s adoption levels. Digital assets are considered securities in the Philippines as issuers are required to seek consent from the Securities and Exchange Commission.
The Bangko Sentral ng Pilipinas (BSP) has suspended the issuance of licenses for virtual currency firms for three years to allow it to craft sound regulations for the growing industry.
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