A collaboration between the Cagayan Economic Zone Authority (CEZA), Asia Blockchain and Crypto Association (ABACA), and First Bullion Holdings Inc. (First Bullion) has birthed the first certified Digital Asset Token Offering (DATO) from Flourish City Development Limited (FCD), marking a landmark moment as the first CEZA and ABACA approved asset-backed token offering.
Envisioned as a cutting-edge test ground for FinTech innovations, CEZA’s debut DATO with FCD aims to explore token offerings in real-time, scrutinize transactions and further shape guidelines that will nurture industry standards, encourage economic growth, and safeguard investor interests.
Please Note: This is a Press Release
Secretary Raul Lambino, CEZA Administrator and CEO, applauded First Bullion and FCD for reaching this pivotal juncture, hailing it as a significant leap in CEZA’s journey toward becoming the 'Crypto Valley of Asia.'
FCD stands at the forefront as an eminent grower, architect, and supplier of agarwood and oud oil products. Known for its aromatic resin, agarwood serves diverse roles from incense and perfume production to usage in Chinese medicine and artisanal crafts. Its top-grade variant ranks among the priciest raw materials globally.
The token created by FCD is labeled with the trading code AGWD and will find its exclusive trading ground on the CEZA-licensed Cryptosx Digital Assets Exchange (Cryptosx). This exchange operates under a Principal License as per the 'Financial Technology Solutions and Offshore Virtual Currency Framework 2018'.
FCD targets an ambitious fundraise of USD 4.9 million through the distribution of 40 million AGWD tokens, each representing the worth of one ordinary FCD share securely maintained by an ABACA-accredited escrow agent. The funds secured from this initiative will fuel the expansion of FCD’s agarwood plantations.
First Bullion is set to disseminate the offering document along with guidance for subscription shortly. website .
'Everyone associated with the DATO, from the accredited auditors to asset managers, poured significant efforts to meet the essential criteria for this thrilling venture, aligning the DATO mechanism with the proven IPO standards seen worldwide,' said Philip Tam, Chairman of First Bullion.
He elaborated, 'In a marketplace once marred by dubious projects, crowdfunded through ICOs, we prioritize regulation and due diligence. Together with CEZA and ABACA, we're setting a high standard for DATOs grounded in genuine business, veteran management, durable assets, and sound business practices.'
First Bullion is setting its sights on experienced mid to high net worth investors, aiming to integrate banking facilities that bridge fiat to crypto conversions within a well-regulated offshore domain.
Utilizing Distributed Ledger Technology (DLT), Cryptosx is making previously immovable assets like real estate, luxury items, and private equity shares accessible digitally, deploying smart contracts and issuing tokens tested in over 30 countries.
DLT is also employed for stringent KYC, AML procedures, and accredited investor verification to ensure only vetted individuals engage in the DATO, while managing the comprehensive rules of asset-backed token security lifecycle.
Over the next year, the company has lined up a vibrant mix of DATO projects covering various sectors such as health, real estate, renewable energy, shipping services, and augmented reality design.
More About Cagayan Economic Zone Authority (CEZA)
This is a government-governed initiative born from Republic Act No. 7922, designed to spearhead the creation and supervision of the Cagayan Special Economic Zone & Free Port in the Philippines, where on May 21, 2018, the concept of 'Crypto Valley of Asia' and the Financial Technology Solutions Business Enterprise (FTSBE) & Offshore Virtual Currency Exchange (OVCE) was officially introduced, granting foreign enterprises a secure legal environment for operations.
CEZA More About Asia Blockchain and Crypto Association (ABACA)
Recognized by CEZA as a Self-Regulatory Organization (SRO), ABACA is the ruling Business Association for all FTSBEs, OVCEs, and Authorized Service Providers (ASPs) within 'Crypto Valley of Asia'. A Regulatory Advisory Panel comprised of international and local experts offers guidance on navigating the innovative waters of Blockchain, DLTs, Digital/Virtual Assets, and FinTech. ABACA additionally functions as CEZA’s Policy and Regulatory Research nexus.
Beyond First Bullion Holdings Inc. (First Bullion)
It is an esteemed investment stronghold in Asia, with ventures spanning licensed banking services, lending entities, remittance solutions, and crypto projects. In 2018, First Bullion pursued a strategic acquisition of the majority stake in De La O Rural Bank, Inc., obtaining a CEZA Offshore Virtual Currency Exchange principal license. By 2019, it introduced Cryptosx Digital Assets Exchange, emphasizing asset-backed tokens, allowing businesses to list tokens for trading within its vibrant ecosystem at www.cryptosx.io.
Introducing Flourish City Development Limited (FCD)
Operating as a biotechnology leader with specialized expertise in agriculture and advanced plantation setups, FCD's strategic focus lies in cultivating agarwood plantations located in Cambodia, alongside collaborating with producers to craft various oud-oriented products.
As Editor-in-Chief of Blockonomi and the mastermind behind Kooc Media, a UK-based digital platform, he fervently champions open-source programming, blockchain advancements, and advocates for unrestricted and equitable internet access.
