Philippines To Issue 25 Cryptocurrency Exchange Licenses
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The Philippines administrator-controlled economic zone has announced that they are planning to issue 25 licenses to selected cryptocurrency exchanges. CEZA, or Cagayan Economic Zone Authority, operating under the government’s economic zone in the northern tip of the Philippines is soon going to open its doors to 25 cryptocurrency exchange operators into their tax-friendly jurisdiction.
CEZA licensing rules for cryptocurrency exchanges
CEZA chief, Raul Lambino, stated that it will be essential for each of the cryptocurrency exchanges to invest at least $1 million within the first two years of its operations in the zone as well as holding a physical presence in the zone. He added that as there is a limitation in the licenses presently, each crypto-exchange will be given 20-30 sublicenses for traders and brokers.
During his statement, Mr. Raul stated that the Philippines will not sit back to become a haven for scammers and, accordingly, they have designed a specific integrity check mechanism for the cryptocurrency exchange platforms to undergo. Along with this, they have been working on mandating all the ICOs (initial coin offerings) to have their virtual coins to be “asset-backed”.
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