Philippines to Issue 25 Crypto Exchange Licenses

The administrator of a government-controlled economic zone in the Philippines has revealed plans to issue licenses to cryptocurrency exchanges
03 July 2018   378

Residency in the Cagayan Special Economic Zone of the Philippines will be received by 25 "trustworthy" crypto exchanges, CCN reports.

The agency plans to issue licenses to sites whose activities do not contradict the current cryptocurrency legislation of the country.

We do not want the Philippines to be a haven for scammers even if these scams are happening abroad. 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.
 

Raul Lambino

Chief, Cagayan Economic Zone Authority

According to him, cryptocurrency exchanges having an office in a special economic zone will have to invest at least $ 1 million in it within two years of work.

Despite the limited number of licenses, each of 25 crypto exchanges will be entitled to issue up to 30 trader and broker sub-licenses.

In April, the authorities of the province of Cagayan said that they intend to allow the activities of ten bitcoins and blockchain companies in a specially designated economic zone where they will receive tax preferences and create new jobs openings.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.