The Philippines has taken another significant step toward establishing itself as a regional hub for blockchain and financial technology innovation by issuing its third provisional license to a cryptocurrency exchange operator. The move underscores growing international confidence in the country’s regulatory framework and its ambition to become a leading fintech destination in Southeast Asia.
CEZA Awards Fintech License to Liannet Technology
The Cagayan Economic Zone Authority (CEZA), a government agency overseeing the Cagayan Special Economic Zone in northern Philippines, granted the third Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) provisional license to Liannet Technology Ltd., a Hong Kong-based company and subsidiary of the Apsaras Group.
This milestone marks a pivotal moment in CEZA’s broader strategy to attract global blockchain enterprises and build what officials describe as an "Asian Silicon Valley" for digital innovation.
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A Vision for a Regional Fintech Hub
Raul Lambino, Administrator and CEO of CEZA, expressed optimism about the progress made so far, stating that the vision of transforming the region into a world-class fintech center is now closer than ever.
“Honestly, I can announce today: the CEZA Fintech Center has made history,” Lambino declared during the recent Ambertime International Blockchain Summit held at Shangri-La EDSA in Mandaluyong City.
To date, 17 fintech and offshore virtual currency firms have applied under the FTSOVC program. Of these, 12 have fully paid their application and licensing fees. Lambino expects 19 out of an anticipated 36 offshore companies to follow suit in the coming months.
Each licensed entity operates under a six-month provisional permit, which can be renewed upon compliance with regulatory requirements and operational benchmarks.
Job Creation and Economic Impact
One of the most compelling aspects of CEZA’s fintech initiative is its potential to generate high-value employment opportunities. According to Lambino, once the initial 25 major licenses are awarded to qualified firms, the sector could create up to 20,000 jobs.
These positions will primarily target skilled professionals in information technology, blockchain development, cybersecurity, and financial services management. The influx of tech-driven enterprises is expected to catalyze local talent development and encourage partnerships with academic institutions for workforce training.
“This isn’t just about hosting crypto exchanges,” Lambino emphasized. “Our focus is on building a comprehensive fintech ecosystem — one that supports payments, trade in goods and services, and next-generation financial infrastructure.”
Expanding the Blockchain Ecosystem Beyond Trading
While cryptocurrency trading remains a core component of the licensed activities, CEZA's long-term vision extends far beyond mere exchange operations. The authority sees blockchain technology as a foundational tool for modernizing business processes across industries.
Lambino highlighted that digital asset trading represents only one segment of a much larger blockchain market. CEZA aims to foster innovation in decentralized finance (DeFi), smart contracts, supply chain transparency, and cross-border payment solutions.
“The new dynamics of doing business are being rewritten,” he said. “We’re positioning CEZA not just as a licensing body but as an enabler of technological transformation.”
Strong Market Response and Revenue Growth
The strong interest from international fintech firms has already translated into tangible economic gains for CEZA. In the second quarter of 2025, the agency reported a nearly 52% increase in revenue, driven largely by demand for fintech licensing and crypto-related services.
“Interest in digital currencies and fintech solutions has exceeded our expectations,” Lambino noted. “We’re seeing a steady rise in inquiries and applications every day.”
This surge reflects broader regional trends, where Southeast Asian nations are increasingly embracing digital assets as part of their financial modernization strategies.
Previous Licensees Pave the Way
Liannet Technology joins two other firms that previously received CEZA’s FTSOVC provisional licenses:
- Golden Millenial Quickpay Ltd. (Hong Kong)
- Ultra Precise Investment Ltd. (Bangkok)
These early entrants helped validate the regulatory model and set operational standards for subsequent applicants. Their presence has contributed to building investor confidence and demonstrating the viability of the Philippines as a compliant yet innovation-friendly jurisdiction.
A Strategic Move Toward Digital Sovereignty
By selectively licensing foreign-operated exchanges, CEZA is balancing innovation with oversight. The provisional licensing system allows regulators to monitor compliance, assess risks, and ensure adherence to anti-money laundering (AML) and know-your-customer (KYC) protocols without stifling growth.
This measured approach aligns with global best practices while accommodating the fast-paced nature of blockchain innovation.
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Industry Reactions and Future Outlook
Jian Li, President of Apsaras Group, expressed gratitude to CEZA during the blockchain summit, emphasizing the group’s commitment to contributing to the region’s development.
“We believe the CZC Exchange will serve those who believe in blockchain technology and cryptocurrencies,” Li said. “We aim to work hand-in-hand with CEZA to help build an Asian Silicon Valley powered by decentralized innovation.”
Looking ahead, CEZA plans to streamline its application process, enhance technical support for licensees, and collaborate with international regulatory bodies to promote interoperability and investor protection.
Frequently Asked Questions (FAQ)
Q: What is CEZA’s role in regulating crypto exchanges?
A: CEZA oversees fintech and virtual currency operations within the Cagayan Economic Zone. It issues provisional licenses, monitors compliance, and promotes blockchain-based economic development under a regulated framework.
Q: How long is the provisional license valid?
A: The FTSOVC provisional license is valid for six months and can be renewed based on performance and regulatory compliance.
Q: Can local Filipinos use these licensed exchanges?
A: Most CEZA-licensed exchanges operate as offshore entities primarily serving international clients. Domestic crypto trading is regulated separately by the Bangko Sentral ng Pilipinas (BSP).
Q: What are the key benefits of CEZA’s fintech program?
A: The program drives job creation, attracts foreign investment, fosters technological innovation, and positions the Philippines as a competitive player in the global blockchain economy.
Q: Are there plans for more licenses?
A: Yes — CEZA aims to issue up to 25 major licenses initially, with expectations that 36 offshore companies will eventually participate in the ecosystem.
Q: How does this impact blockchain adoption in Southeast Asia?
A: The Philippines’ proactive stance encourages regional dialogue on regulation, fosters cross-border collaboration, and sets a precedent for responsible crypto innovation.
With strategic licensing, clear vision, and measurable outcomes, the Philippines is cementing its status as a forward-thinking jurisdiction in the digital asset space. As global interest grows, CEZA’s model may serve as a blueprint for other emerging economies aiming to harness blockchain for inclusive growth.
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