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   1397

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.

Binance to Add WeChat and Alipay Support

According to the anonymous sources of The Block, the feature is in the testing stage for Android users
10 October 2019   122

Binance Exchange will add support for the largest Chinese payment systems WeChat and Alipay.

Referring to informed sources, The Block reported that this option is currently being tested for Android users, and will soon become available for iOS and the desktop version of the trading platform.

Note that in China, the activities of cryptocurrency exchanges were officially banned at the end of 2017. However, residents of the country are actively using P2P and OTC platforms to buy bitcoin.