Michael Ou

CoolBitX, Asia Blockchain and Crypto Association unite to foster healthy security token growth

CoolBitX,a blockchain security company and creator of the first Bluetooth mobile hardware wallet for digital assets, is engaging in a strategic technology partnership with the Asia Blockchain and Crypto Association (ABACA), the appointed self-regulatory organization (SRO) of the Cagayan Economic Zone Authority (CEZA) to create a more secure environment for tokenized securities. A MOU was recognized by the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) on January 30. 

Michael Ou

“We’re thrilled to have officially signed this MoU to begin growing the security token industry in CEZA and the Philippines as it has grown successfully in other jurisdictions,” said CoolBitX founder and CEO Michael Ou. 

ABACA’s membership consists of all of the CEZA-licensed fintech companies and offshore virtual currency exchanges including Formosa Financial from Taiwan and all of the CEZA-authorized third party service providers. CoolBitX will work closely with ABACA and its members to tailor fit its products and services according to CEZA’s rules and regulations, especially around the recently published Digital Asset and Token Offering (DATO) Rules, which cover STOs among other digital assets. Under this new framework, CEZA remains the principal regulating authority with ABACA acting as the enforcer.

Taiwan legislator and congressman Jason Hsu said, “We officially kicked off the partnership between Taiwan and ABACA, which is why I’m delighted to see ABACA also moving forward with a partnership with CoolBitX. CoolBitX is one of Taiwan’s most innovative startups, spearheading the creation of the first mobile hardware wallet on the market today and becoming an industry leader in security and compliance best practices. I fully support the CoolBitX-ABACA partnership and hope more Taiwanese blockchain startups will follow suit and invest in the Southeast Asia market.”

“We are pleased to offer CoolBitX’s technology as the first accredited cold storage solution for ABACA’s members to continue to build a more compliant and secure business environment which will appeal to all of our stakeholders,” said ABACA director and trustee Mel Songco. “We look forward to pushing the envelope with CoolBitX for CEZA to lead in this space and provide the safety and security needed for the global ecosystem.”

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