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.
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.