These 10 companies will be the first representatives of the cryptocurrency business, which will start working in the Philippines after the creation of a special economic zone in February. This is reported by Reuters.
We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.
Chief, Cagayan Economic Zone Authority (CEZA)
Despite the permission received, the exchange of cryptocurrency for fiat and back should be conducted in off-shores in order not to conflict with local legislation, he added.
CEZA in February developed a set of rules designed to regulate cryptocurrency companies that can register in the special economic zone of the Philippines.
They must invest at least $ 1 million in two years and pay $ 100,000 as a license fee.
The Central Bank of the Philippines does not approve the use of cryptocurrency, because it believes that they can be used to commit unlawful acts.
The regulator of the economic zone intends to establish educational institutions on its territory that will train personnel for cryptoexchange companies.