MANILA - A Hong Kong-based cryptocurrency exchange has secured a provisional license to operate in the Cagayan economic zone, Filipino authorities said Tuesday.

Asia Premiere International Ltd will operate as a Financial Technology Services and Offshore Virtual Currency Exchange under the license secured last Oct. 26, the Cagayan Economic Zone Authority said in a statement.

This will bring to 17 the number of financial technology locators in CEZA, which is building itself up as the "Crypto Valley of Asia," authorities said.

Asia Premire COO Amando Jimenez said it wasn't easy getting a license due to rigorous screening but "it was all worth it."

The Philippines supports the "inevitable financial revolution," said CEZA administrator and CEO Raul Lambino.

Lambino said in March that a $100 million financial technology hub will be developed in Cagayan to cater to foreign companies who transact with clients outside the Philippines.

CEZA said it was planning to draft a code of conduct for cryptocurrency locators and establish a blockchain university to train Filipino programmers, coders and designers.