MANILA, Philippines — A unit of the DFNN Group recently launched a trading platform for digital assets, including cryptocurrencies, at the Freeport Area of Bataan.
The Global Trade Exchange (GTX) – operated by DFNN Group affliate iWave Advanced Research Group Inc. – is seen as a vehicle to draw as much as $3 billion in fresh capital from the international markets, said Ramon Garcia, Jr., iWave chief executive officer.
Since the Philippine government has yet to issue the reguIatory framework on the offering of digital assets, only foreign investors or issuers can take part in the GTX. Trading can be facilitated across various jurisdictions across the globe because the exchange exists in the cloud.
“We feel bad because while the Philippines will benefit from jobs, we have to wait for domestic regulations (to open the exchange to local investors and issuers),” Garcia said.
The capital-raising pipeline includes issuers from multiple sectors such as defense technologies, agricultural technology, production of electronic batteries for electric vehicles, financial services and clean energy, he said.
Garcia said some of the capital-raising initiatives may come to market in the last semester of 2021.
“Some have engaged their legal team and listing sponsors already,” he said.
The Authority of the Freeport Area of Bataan has given GTX an eight-year exclusive license, followed by a perpetual license to operate a digital asset exchange.