Manila, Philippines, April 04, 2022 (GLOBE NEWSWIRE) — The Authority of the Freeport Area of Bataan (AFAB) is the First Investment Promotion Agency, a government owned and controlled company, under The Office of the President, to regulate Blockchain and Fintech in the Philippines. The BBC is a Smart City pioneering a technology initiative in Asia and is only 3hrs+ northwest of Manila.
The FAB is the best location with economic incentives where future technologies are embraced and technological innovations are created. Establishing business at the FAB is the most secured, viable and acceptable area of investment with its legal mandate. According to Francis Jimenez, CEO of Acceptar Group and member of the Impero Consortium, “Helping establish blockchain companies in the Philippines will speed up mass-adoption of crypto and attract leaders in the industry to invest and setup their base here.”
On August 30, 2019, President Rodrigo Roa Duterte signed into law the Republic Act 11453. This Act is a consolidation of Senate Bill 2133 and House Bill No. 6524, which was passed by the Senate and House of Representatives on June 3, 2019. This law gave greater powers to the AFAB and made way for the Offshore Blockchain and Financial Technology Solutions (OBFTS) Policy, which also includes the “Bataan Blockchain City” project inside the Freeport.
AFAB’s blockchain ecosystem allows organizations to focus on their objectives, while AFAB’s Regulations allows peace of mind. This means that companies looking for a location in Asia don’t have to incorporate in territories where their legal status could be unstable. In addition, the Philippines is home to a large educated young and savvy English speaking workforce that has been tested in the electronics manufacturing and business process outsourcing industry domains. It is a rich source of talent for blockchain and crypto needs.
Blockchain companies will be under a secured, regulated and progressive framework of being a legally regulated operation, with support from the government and access to an ecosystem that embraces future technology. AFAB’s Economic Zone incentives decrease financial pressures while operating within an area designed to provide a host of support services that increase productivity and growth.
An efficient turn-around time is assured by the AFAB once all application requirements are met by companies who choose to apply for an AFAB Offshore Digital Assets License and locate in the BBC. Upon AFAB’s issuance of an approved ODAL, this license will be registered on the blockchain in addition to a Qrcode system embedded in the ODAL certificate.
AFAB appointed Grand Innovasia Concept Corporation as its Business Developer and Auditor, in Partnership with Impero Group. With a long history of operating within economic zones, the GICC+IMPERO GROUP have combined their experience into establishing the Offshore Blockchain Financial Technology Solutions framework and are collectively known as AFAB’s “OBFTS Group”. They will promote AFAB’s Offshore Digital Assets License (ODAL), where qualified companies may benefit from a governed and structured community beneficial to all.The OBFTS Group is authorized to evaluate, process, verify and endorse all applications to engage and operate OBFTS business activities within the FAB, and is responsible for ensuring ongoing compliance with OBFTSL rules and regulations accompanied by an Auditing+Reporting System.
The Acceptar group is a top blockchain company that helps provide real-world solutions for compliance, marketing, and institutional partnerships that can truly benefit blockchain companies in advancing their own vision with minimal intrusion.
The Acceptar-Impero Group partnership supplements Impero’s objectives within AFAB’s legally mandated blockchain/digital asset ecosystem.
Acceptar will target its network in Southeast Asia while leveraging its specialty in social media and online marketing such as social and traditional media, development of Discord and Telegram groups, and similar needs.
Other value-added services the Acceptar-Impero Group partnership can offer include services such as tokenomics, IT and power infrastructure, legal, finance, HR, payroll, governance advisory, construction to name a few.
According to Emmanuel Samson, Co-founder of Impero Group, “We invite all Blockchain, Fintech and technology companies alike to join us in developing AFAB’s regulated digital ecosystem and all within Bataan’s Blockchain City, and realize what the Freeport has to offer like tax and visa incentives among others. As an advocate of blockchain and distributed ledger technology, we are enthused to work closely with the Acceptar Group and the collective value we bring to the Blockchain and Fintech communities.” The Impero Japan office had previously worked on application approvals for one of only two crypto exchanges authorized in Japan.