Set to Change the Digital Asset Management and Fintech Industries.
Rock Hill, South Carolina – The Catawba’s General Council voted to pass legislation to allow the establishment of a new digital special economic zone, the Green Earth Zone (GEZ), which is poised to become one of the most important jurisdictions for digital asset management, fintech and cryptocurrencies in the world.
Fintech has become a booming industry, with over US$91.5 billion in global funding by the end of 2021. Driven by new technologies such as smart contracts, encryption and digital signatures, regulators around the world have been challenged by the trends in cryptocurrency and decentralization. The uncertainty with regulations and complexity of the technologies involved in blockchain, exposes investors and individuals that have sought to capitalize on the rising value of Bitcoin or the surge of interest in non-fungible tokens.
The GEZ can be prosperous thanks to the ability of Native-American Tribes under US law to have their own commercial code, regulation-making and administrative capacities. The GEZ project began just three years ago under the Catawba Corporations, the economic development arm of the Nation, and with the completion of the Zone’s own commercial and financial regulatory code, represents the most advanced jurisdiction for digital services.
“Special Economic Zones have been powerful instruments for economic development, enabling rapid economic growth. SEZs often rely on tax-incentives. But with our status as a sovereign jurisdiction, we are also able to create a best-in-class regulatory climate for the digital, fintech and blockchain sectors. Our plan is to allow these businesses to operate with certainty, and under regulations that protect consumers that help mature the industry. The GEZ will not only serve companies domestically and internationally but will create tremendous economic opportunities for our people of the Catawba Nation”, explained Ronnie Beck, CEO of Catawba Corporations.
Using a model similar to Estonia’s eResidency, after completing the ‘know your customer’ (KYC) requirements, anyone in the world will be able to set up an eCorporation online in the GEZ, and take advantage of policies and regulations that allow them to safely manage their digital assets, raise investment capital and offer digital-banking services. eCorporations are legal corporations, permitted to conduct business virtually from the GEZ, and can open bank accounts within the United States. GEZ eCorporations are ideal for online companies, software developers, remote workers, banking and finance, insurance and firms involved in the creation, sale or management of digital assets.
The Zone is an important economic development project that is anticipated to bring millions of dollars to the tribal citizens, and create numerous employment and education opportunities, transforming the lives of thousands of people.
“This is a progressive first step into the digital business world. We believe that it will generate millions of dollars and will enhance the quality of life for tribal citizens for decades to come,” said Catawba Corporations board member and Catawba citizen, Thom Trimnal, “It will create economic opportunities that don’t currently exist, including jobs and workforce development.”
With the legislation approved the GEZ is anticipated to commence to register eCorporations in a limited Alpha in March.
About Catawba Corporations Catawba Corporations is the business branch of The Catawba Indian Nation. The mission of Catawba Corporations is to be the corporation of choice that creates economic growth and diversity for the Catawba Indian Nation’s workforce and its brand, fueled by its core values and the nation’s rich culture and heritage, facilitated by the corporation’s philosophy to be the “employer, employee, and client for life corporation”.
Media Contact:Thom Trimnal
Board Member, Catawba Corporations