Philippines regulator expects USD 67 million windfall from licensing crypto exchange

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Philippines regulator expects USD 67 million windfall from licensing crypto exchange

The administrator of an economic zone that is government controlled is looking forth to rake in USD 67 million in issuing licenses to cryptocurrency exchanges. Th government in the Philippines has already legalized the operations for cryptocurrency exchanges to operate in the Cagayan Economic Zone Authority (CEZA) in April this year – complete with all the tax benefits that is possible. The crypto firms that are operating the Cagayan Economic Zone Authority (CEZA) shall also be allowed to offer the initial coin offerings (ICOs).

CEZA chief Raul Lambino said at the time, “We are about to license 10 platforms for cryptocurrency exchanges. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.”

Raymundo T. Roquero, a CEZA senior deputy administrator revealed, “The license was issued last week. They were the first, [along with two other firms]. These are all Hong Kong-based, [while one] is from Bangkok, Thailand. These are offshore companies with a capital investment of $500,000. They have a committed investment to us of $1 million each.”

However, the licensed exchanges within the economic zone shall not be allowed to offer services in the Philippines to the retail investors. In order to run a licensed crypto trading platform within the country, an approval from the Bangko Sentral in Pilipinas (BSP), the country’s central bank must be attained by the operators.

The Philippines is also amongst one of the earliest nations in the works to have released the regulations for the cryptocurrency sector. Especially for the bitcoin exchanges in the early days of 2017.

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