The administrator of the government-controlled economic zone in the Philippines has recently revealed plans to issue 25 licenses to cryptocurrency exchanges in an economic zone in the country.
We are talking about the Cagayan Economic Zone Authority (CEZA) which is a government-operated economic zone in the northern tip of the Philippines, will open the doors to as many as 25 cryptocurrency exchange operators in the tax-friendly jurisdiction in the country.
The news comes from an official announcement from CEZA’s website. This move to license and eventually legalize the crypto exchanges – will follow a strict integrity check and will coincide with wider regulations for the cryptocurrency sector. According to it, each cryptocurrency exchange will be required to invest more than $1 million within two years of operations in the zone and a physical presence via an office in the zone, according to the CEZA chief Raul Lambino.
As Lambino said:
“We do not want the Philippines to be a haven for scammers even if these scams are happening abroad,” the CEZA chief was quotedas stating by a government-owned newswire. “That’s why through our probity and integrity check we can determine if their transactions are just designed to entice unsuspecting people to invest in Bitcoin or whatever crypto coin that is a fraud.”
All of the ICO operators must have their coins labeled as ‘asset-backed’. As reported previously, the CEZA already received a number of applications from cryptocurrency firms that want to operate in the tax-haven zone that is strategically situated within an hour’s flight from Hong Kong, China and Taiwan.
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