Russia is considering setting up an offshore financial centre for cryptocurrency and international trading, beincrypto writes. The special zone would be located on Bolshoy Ussuriysky Island, located on the Chinese-Russian border.

Leonid Petukhov, the head of the Agency of the Far East for Investments and Exports (IPA), proposed the venture during the St. Petersburg International Economic Forum Saturday. According to Petukhov, the new financial centre would serve as a hub for cryptocurrency trading and crypto-related stock exchanges, as well as foreign exchange markets.

There are two other two offshore economic zones in Russia already: the Russky Island in Vladivostok and the Oktyabrsky Island in Kaliningrad. Neither of the financial hubs deals with cryptocurrencies, though.

Similarly, in the Philippines, another cryptocurrency hub is being built in the Cagayan Special Economic Zone, striving to be "the Crypto Valley of Asia."