Crypto News
The Philippines is offering residency in one of its special economic zones known as ecozones with low tax rates for users staking the utility token of Oz Finance, TOTOZ.
Fast facts
- The residency is offered at the Freeport Area of Bataan, one of over 400 operating ecozones in the Philippines, which is located across the bay from the capital Manila.
- Based on the amount staked, users get individual or business residency with immigration assistance from Oz Finance, ecosystem architect Vincent Choy told Forkast in an email.
- Ecozones in the Philippines are autonomous economic zones that have been marked to be developed by the community with minimum government interference.
- The Philippines passed local legislation in 2020 to provide regulatory cover for cryptocurrency and blockchain companies, including exchanges and decentralized finance (DeFi) operators.
- Although starting with the Philippines, Oz claims that the TOTOZ token links residency in a global network of ecozones.
Reference: https://medium.com/@ozliving/philippines-to-provide-residency-through-oz-token-staking-7e5638952a38