{"id":594748,"date":"2023-01-06T11:52:11","date_gmt":"2023-01-06T17:52:11","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/06\/philippines-cagayan-economic-zone-bolsters-global-blockchain-hub-bid-with-dao-registry-launch\/"},"modified":"2023-01-06T11:52:11","modified_gmt":"2023-01-06T17:52:11","slug":"philippines-cagayan-economic-zone-bolsters-global-blockchain-hub-bid-with-dao-registry-launch","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/06\/philippines-cagayan-economic-zone-bolsters-global-blockchain-hub-bid-with-dao-registry-launch\/","title":{"rendered":"Philippines: Cagayan economic zone bolsters global blockchain hub bid with DAO registry launch"},"content":{"rendered":"

Home<\/a><\/span> \u00bb Business<\/a><\/span> \u00bb Philippines: Cagayan economic zone bolsters global blockchain hub bid with DAO registry launch<\/span><\/span><\/p>\n

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The Philippines\u2019 Cagayan Economic Zone Authority (CEZA) has announced its plan to form a registry for decentralized autonomous organizations (DAOs), local news have reported.<\/p>\n

CEZA\u2019s move to create a comprehensive registry is geared toward bringing the\u00a0Philippines<\/a>\u00a0one step closer to being the leading nation in blockchain development, according to information\u00a0obtained<\/a>\u00a0by The Manila Times. The incoming DAO registry will be the first in Southeast Asia, following the head start gained by regions like Switzerland, Estonia, Gibraltar, and the United States.<\/p>\n

\u201cWhile a DAO registry is an achievement on its own, having and maintaining one is also strategically important. Persuading any enterprise to do business in your jurisdiction is difficult,\u201d said CEZA Secretary Jaime Esca\u00f1o. \u201cBut making this case when the business is already incorporated, there is not only easier but a natural progression of events.\u201d<\/p>\n

Esca\u00f1o disclosed that the DAO registry will be hosted on distributed ledgers to allow intending entities to track their application status and to\u00a0promote transparency<\/a>. CEZA notes that using blockchain will streamline processes, typically clogged by bureaucratic practices and red-tapism.<\/p>\n

CEZA added that its DAO registry would stand out from other jurisdictions that typically impose tough liabilities on the principal members of the DAO by creating a conducive operational environment.<\/p>\n

Aside from creating the DAO registry, CEZA confirms its long-term plan is to create a thriving ecosystem for\u00a0digital asset operators<\/a>. The zone notes that building the ecosystem will not be a walk in the park, given the regulatory hurdles against blockchain adoption in the Philippines.<\/p>\n

\u201cBy launching this DAO registry, CEZA will attract more blockchain businesses,\u201d said Esca\u00f1o. \u201cIn time, this critical mass of enterprises will be the selling point for more of its peers.\u201d<\/p>\n

Progress but the hurdles continue to plague the Philippines<\/strong><\/p>\n

The Philippines has been tagged as the\u00a0fastest-growing ecosystem<\/a>\u00a0in Southeast Asia for virtual currencies and blockchain. The country\u2019s young and tech-savvy population played an\u00a0integral role<\/a>\u00a0in achieving the record, having earned the titles of being the \u201csocial media capital of the world\u201d and the text capital of the world.<\/p>\n

Despite the progress, experts have identified that a lack of positive regulation from the government stifles the country\u2019s adoption levels. Digital assets are considered securities in the Philippines as issuers are required to seek the consent of the Securities and Exchange Commission.<\/p>\n

Bangko Sentral ng Pilipinas<\/a>\u00a0(BSP) has halted the issuance of licenses for virtual currency firms for three years to allow it to craft wholesome regulations for the growing industry.<\/p>\n

Watch: New blockchain use case? Pothole repair<\/p>\n