The Philippines to Admit Cryptocurrency Operators in Cagayan Economic Zone

According to a report, the companies will be the first blockchain and crypto-related firms to operate legally in the country after the Cagayan Economic Zone Authority (CEZA) set-up a Fintech hub with the aim of creating an Asian “silicon valley”. CEZA is a state-owned corporation that is responsible for managing the Cagayan special economic zone and Freeport.

Cryptocurrency Companies to Create Employment in the Philippines

Raul Lambino, chief of CEZA said that they will allow cryptocurrency exchanges, mining and ICOs. Lambino also said that crypto-to-fiat and fiat-crypto exchange transactions should be managed separately, to avoid infringing on Philippine laws and regulations. He commented:

“We are about to license ten platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, and Koreans. They can go into cryptocurrency mining, ICOs or they can go into exchange.”

CEZA is hoping to build a blockchain and Fintech University which will help provide skilled employees that will work in these new companies. Moreover, CEZA will call for companies to invest at least $1 million over a period of 2 years and pay up to $100,000 in the form of license fees.