25 Bitcoin-Exchanges Will Be Licensed in the Philippines

philippines license

This is the number of cryptocurrency exchanges that made it into the license list of the government-controlled economic zone in the Philippines.

According to CCN, the Administration of the Cagayan Economic Zone Authority (CEZA) is preparing a permit for cryptocurrency platforms, the activities of which do not contradict the current cryptocurrency legislation of the country. The administrator of CEZA Raul Lambino explained that each exchange, the office of which is located in the zone, will have to invest at least $1 million within two years after it starts working.

We do not want the Philippines to be a haven for scammers even if these scams are happening abroad,” the CEZA chief was quoted as 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.

CEZA has already received a number of applications from Asian regional cryptocurrency banks for working in the tax haven zone, which is strategically located in an hour flight from Hong Kong, China and Taiwan. The Philippines was one of the first states to deal with the regulation of cryptocurrency and issued a set of rules in February 2017

We would like to remind you that the Taiwan airline began selling tickets for BTC this spring.

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