MANILA, Philippines (August 15, 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.