MANILA, Philippines (September 2nd, 2019) — The Cagayan Economic Zone Authority (CEZA), Asia Blockchain and Crypto Association (ABACA) and First Bullion Holdings Inc. (First Bullion) has jointly announced the certification of the Flourish City Development Limited (FCD) Digital Asset Token Offering (DATO), the first asset-backed token offering approved by CEZA and ABACA.
Envisioning CEZA as a global sandbox for financial technology (FinTech) and other innovations, the first DATO with FCD serves as a test case to study token offerings, monitor transactions and further enact rules and regulations which will develop industries, foster growth and protect the investing public.
CEZA Administrator and CEO, Secretary Raul Lambino, congratulated First Bullion and FCD on this historic moment, which serves as a major step towards the rise of CEZA as the “Crypto Valley of Asia.”
FCD is a leading plantation owner, developer and producer of agarwood, oud oil and related products. Agarwood is a fragrant dark resinous wood used in incense, perfume, Chinese medicine and small carvings. First-grade agarwood is one of the most expensive natural raw materials in the world.
FCD’s token is assigned with the trading symbol, AGWD, and will be traded exclusively on the CEZA-licensed Cryptosx Digital Assets Exchange (Cryptosx). Cryptosx is a Principal License Holder under the “Financial Technology Solutions and Offshore Virtual Currency Business Rules and Regulations of 2018.”
FCD is planning to raise USD 4.9 million from the sale of 40 million AGWD tokens. Each AGWD is backed by one common share of FCD and the shares are all under the custodian of an ABACA-accredited escrow agent. The net proceeds will be used to expand and develop FCD’s agarwood plantation.
First Bullion will publish the offer document and instructions on how to subscribe on its website.
“This is incredibly exciting for everyone taking part in the DATO, and each stakeholder, including the accredited auditors, escrow agent, company valuation expert and digital asset (DA) agent, worked very hard to fulfill all the requirements. The whole DATO process is based on established IPO frameworks in major markets,” First Bullion Chairman Philip Tam said.
He added: “We are a firm believer in regulation and compliance as crowdfunding and ICOs have, over the past couple of years, attracted many bad or fraudulent projects. Together with CEZA and ABACA, we want to set the benchmark for DATOs which is based on real business, seasoned management teams, sustainable assets and good business practices.”
First Bullion aims to attract experienced mid/high net worth investors to its platform and ecosystem. First Bullion also brings a very important and often missing piece in the crypto world – banking services and the ability to convert fiat to crypto and back – all while being in a regulated offshore environment.
Cryptosx utilizes Distributed Ledger Technology (DLT) to digitize previously illiquid assets such as commodities, real estate, luxury goods and private equity shares, and enable rapid deployment of smart contracts and token issuance which has been battle-tested across 30+ countries.
It also uses DLT for Know Your Customer (KYC), Anti-Money Laundering (AML) and accredited investor verification for all potential investors prior to granting access to the DATO, as well as asset structuring and management of asset-backed token rules throughout the security lifecycle.
The company has built up a healthy and diverse pipeline of DATO projects over the next 12 months, including health supplements, real estate, renewable energy, shipping services and AR design.
About Cagayan Economic Zone Authority (CEZA)
CEZA is a government-owned and controlled corporation created by virtue of Republic Act No. 7922, mandated by law to develop and manage the Cagayan Special Economic Zone & Free Port in the Philippines. On May 21, 2018, CEZA announced the launch of its “Crypto Valley of Asia” and Financial Technology Solutions Business Enterprise (FTSBE) and Offshore Virtual Currency Exchange (OVCE) License program. This license allows foreign companies to operate an FTSBE and/or OVCE in this jurisdiction under a protected and recognized regulatory framework.
About Asia Blockchain and Crypto Association (ABACA)
ABACA has been granted Self-Regulatory Organization (SRO) Status by CEZA as the governing Business Association for all FTSBEs, OVCEs and Authorized Service Providers (ASPs) in the “Crypto Valley of Asia.” Together, they will form a Regulatory Advisory Panel composed of foreign and local subject matter experts. This panel will provide guidance and promote global best practices in the dynamic and evolving space of Blockchain/DLTs, Digital/Virtual Assets and FinTech. ABACA will also serve as CEZA’s Policy and Regulatory Research Center.
About First Bullion Holdings Inc. (First Bullion)
First Bullion is a reputable Asia-focused investment hub, and its investment portfolio includes licensed banks, lending companies, remittance companies and crypto businesses. In 2018, First Bullion completed the acquisition of the majority stake of a rural bank named De La O Rural Bank, Inc. and was also granted a CEZA Offshore Virtual Currency Exchange (OVCE) principal license. In 2019, First Bullion launched Cryptosx Digital Assets Exchange, the next-generation digital assets exchange portal with a focus on asset-backed tokens. Companies can list their tokens and investors/traders can buy/trade these tokens on Cryptosx (www.cryptosx.io).
About Flourish City Development Limited (FCD)
FCD is a biotechnology company led and managed by a team of experts and professionals in agriculture, plantation management and biotechnology development. The main plantation of FCD is agarwood trees in Cambodia. FCD is actively working with various product manufacturers to produce goods using oud material or oud oil products.