The Philippines’ global reputation as a blockchain hub is growing day by day as adoption of non-fungible tokens (NFTs), the metaverse and digital assets increases. Bataan’s Freeport Area has played a major role in this growth and could unlock the country’s blockchain potential, according to Donald Lim.
Lim, the founder and president of the Blockchain Association of the Philippines, believes that recent moves by the Authority of the Freeport Area of Bataan (AFAB) could propel it to blockchain dominance.
The Freeport Area, a Special Economic Zone in Bataan Province, was the Philippines’ first free trade zone. While historically focused on supporting manufacturers, FAB is at the forefront of supporting emerging technology, including blockchain.
Through measures such as tax breaks and simplified regulations, the AFAB has attracted companies building blockchain applications, Lim noted in an op-ed for local business news outlet Business World.
“This emphasis on an enabling environment and ease of doing business is critical in fostering innovation and entrepreneurship, key drivers of blockchain technology adoption.”
AFAB has also been on a mission to align with the broader Inclusive Innovation Industrial Strategy (i3S) vision of the Philippine government. Through i3S, the government plans to promote globally competitive industries using the latest technology, including blockchain.
To further promote blockchain adoption in the Freeport Area, the AFAB is now accepting applications for an Offshore Digital Asset License (ODAL). This license allows companies to operate in a “regulated and well-organized community.”
“With AFAB at the forefront of cultivating a thriving blockchain culture within the Freeport Area of Bataan, the Philippines is poised to unlock the full potential of this transformative technology,” noted Lim.
Bataan should focus on blockchain utility
As FAB moves towards becoming a blockchain hub, focusing on blockchain networks with real utility is a critical first step. With the expectation that the provincial and national governments will be major players in this, the focus should also be on blockchain networks that operate within the law. This makes the BSV blockchain the only choice for the people of Bataan.
The BSV community is already active in the province and the Philippines in general. nChain has partnered with Governor Joet Garcia to help him implement his blockchain vision for the province.
Last December, the enterprise blockchain company signed an MOU with the provincial government to streamline operations with blockchain. As nChain’s executive chairman Stefan Matthews recently noted, his “vision for this technology and its application in government is unparalleled.”
To strengthen its presence and commitment to the growth of the blockchain ecosystem in Bataan, nChain and the London-based Block Dojo have partnered to launch Block Dojo Philippines in the province.
The incubator will support Philippine innovators and entrepreneurs in launching their ideas on the blockchain. Aside from the financial support, the Dojo offers its members a 12-week program that gives them access to advice, strategy, and skills from established blockchain leaders.
Bataan Governor Joet Garcia has expressed unwavering support for the Dojo, which he says will help the province achieve its blockchain ambitions.
“This incubator will provide the necessary training, education and upskilling to produce a pioneering generation of blockchain companies and professionals in the Philippines…I look forward to the positive impact this will have on our province and country ,” he said.
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