The blockchain industry is having a field day as the Philippine government has decided to allow 10 Blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone.
This will be the country’s first Blockchain and crypto-related firms to be legalized after the establishment of the Cagayan Economic Zone Authority (CEZA), a fin-tech hub. The head of the Cagayan Economic Zone Authority (CEZA) said, “We are about to license 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 the exchange.” CEZA, a state-owned corporation managing the Cagayan Special Economic Zone and Freeport, has the goal of creating an Asian “Silicon Valley”.
Earlier in the year, the Philippine central bank issued a warning on the risks associated with investing in cryptocurrencies. This implies that the exchange of fiat currency into digital money or vice versa should be done offshore as Philippine regulations do not consider cryptocurrencies legal tender.
Since the cryptocurrency and Blockchain firms are going to be receiving tax breaks, they are expected to generate employment. The companies will be required by CEZA to invest at least $1 mln over two years and pay up to $100,000 in license fees.
What do you think of the Philippine Government licensing these crypto companies? Let’s hear from you in the comment section!
Image credit: Bitcoin.news, kittelsoncarpo.com
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