70 foreign cryptocurrency firms eye BPO operations in the Philippines

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At least 70 cryptocurrency companies from Malaysia, Singapore and Hong Kong have expressed interest in setting up back office operations in the Philippines, according to Cagayan Economic Zone Authority (CEZA) administrator Raul Lambino. CEZA will issue 25 licenses to cryptocurrency traders that want to operate back office operations at the CEZA offices in Metro Manila, said Lambino. Such BPO outfits will be located at either CEZA’s main office on Shaw Boulevard in Pasig, or at its extension offices in Mandaluyong and Bonifacio Global City. Companies that get licenses will be required to invest at least USD1 million in their infrastructure within the first two years of operation. Filipinos will benefit from the activities of cryptocurrency traders by gaining training that will make them ready for the more specialized back-office operations these companies require, especially in the areas of emerging technologies such as blockchain.

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