The authorities of the Cagayan Economic Zone of the Philippines intend to earn $ 67 million in licensing exchanges of cryptocurrency exchange. This is reported by CoinDesk.
The Cagayan Economic Zone Administration (CEZA) announced that it issued the principle operating license to the Hong Kong cryptoexchange.
CEZA reported that the license was issued under the program for the issuance of 25 principle licenses for crypto exchanges. Each company that has received such a license will be able to independently release at least 4 ordinary licenses.
The first deputy head of CEZA, Raymundo Roquero, said that the authorities charge $ 360,000 for the principal and $ 85,000 for a regular license, but did not explain what the difference between the two licenses is.
He also noted that CEZA intends to earn 3,6 billion pesos or about $ 67 million for issuance of licenses for cryptocurrency companies. Besides the license fee paid once, the admitted exchanges are obliged to pay CEZA at 0.1% per transaction through their platforms .
Roqueiro said that CEZA received 70 applications from cryptocurrency exchanges. In the near future, the authorities will continue issuing licenses, as 6 applicants have already paid a license fee. In addition to the above requirements, the exchanges registered in a special