C. Edward Kelso: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

raymundo-t-roquero philippines n-featured license exchanges economy-regulation cryptocurrencies cagayan-economic-zone-authority-ceza bitcoin

The Philippines Cagayan Economic Zone Authority (CEZA) announced it granted three cryptocurrency exchanges provisional license to operate. All three are foreign-based, including two from Hong Kong and one from Thailand. To gain annual approval, companies made substantial financial and employment investments in the country.

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Philippines Grants Three Licenses to Crypto Exchanges

“These are offshore companies, and they have committed investments of $1 million each,” stated Raymundo T. Roquero, deputy administrator of the Cagayan Economic Zone Authority (CEZA) in the Philippines.

He was speaking specifically of the conditions under which three licenses have been issued to crypto exchanges, such as the first to Hong Kong’s Golden Millennial Quickplay Inc. Ltd. (GMQ), and how the newly licensed company “intends to build infrastructure in Sta. Ana, Cagayan,” he told Anna Leah E. Gonzales of The Manila Times, “and will have an incubation period of two years, so they are already allowed to operate here in Manila.”

Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

With three exchanges being licensed, that means $3,000,000 will be added to the coffers of the government-owned and controlled corporation formed in the Ramos era. The CEZA encapsulates the city of Sta. Ana. The area is considered prime development, and is positioned in an attempt to exploit the Trans-Pacific sea lanes. The hope is to capitalize on trade with APEC while also remaining accessible to international trade.

Hoops, Probity

All three exchanges are from outside the country. Each licensed exchange must be renewed annually. The news is most welcome for the crypto community, for only two weeks ago, CEZA claimed it would put budding exchanges hoping to do business in the country through extraordinary paces. The $1,000,000 is to deter such exchanges and the zone from becoming initial coin offering meccas.

Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses
CEZA, Mr. Roquero on far left.

“When they apply, they will pay an application fee of $100,000,” he teased. “Then you go into probity checks, then application programming integration (API), which costs an additional $100,000. Three other applicants have fully paid these obligations, but are still undergoing probity checks,” he added. Some 70 companies have applied for CEZA acceptance.

The fees are “all non-refundable. If you fail in the probity check, you cannot get these [back]. We will sign licensing agreements with these companies,” Mr. Roquero explained. “Companies want to invest here because we are the first to provide rules and regulations for cryptocurrencies.”

Will crypto continue to expand in Southeast Asia? Let us know in the comments section below. 

Images via Pixabay, CEZA

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses appeared first on Bitcoin News.

Original article was created by: C. Edward Kelso at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
October 12, 2018

Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest

Over the next few weeks, Bitcoin.com is hosting a paper wallet design contest to create a beautiful cold storage visual graphic for bitcoin enthusiasts around the world. The competition is open to everyone and the winning entry will receive $100 worth of bitcoin cash. Also Read: Bitcoin.com...

From: Bitcoin.com

The Daily: Kanye Teaches Opsec, Crypto Foes Join Forces

The last 24 hours has been one of those all-too-rare periods in which the cryptosphere unites against a shared enemy. We’ll detail who in The Daily, right after we’ve discussed blockchain spam, Blockfolio’s new funding round, and how we learned an opsec lesson from Kanye West. Also...

From: Kai Sedgwick

US Court Issues Emergency Order Halting a Planned Initial Coin Offering

An American court has put a stop to an initial coin offering (ICO) by a company claiming to offer “the first licensed and regulated tokenized crypto currency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to...

From: Avi Mizrahi

Largest South Korean Exchange Launches Crypto Market Indices

The largest crypto exchange in South Korea by trading volume, Bithumb, has launched two cryptocurrency market indices. One tracks all coins listed on the exchange while the other tracks only altcoins. Meanwhile, Upbit, the country’s largest crypto exchange by the number of coins listed, has...

From: Kevin Helms

Funny New Advert Shows Bitcoin Is on Google’s Mind

Google, which currently sits on the fence with regard to cryptocurrency, took an opportunity to throw shade at digital coins like bitcoin core and bitcoin cash during an advert for its new call-screening feature. In the minute-long segment, popular comedians dressed as Google employees mock...

From: Jeffrey Gogo

Facebook Purge Continues: 559 Pages, 251 Accounts Removed Ahead of US Elections

Facebook’s Nathaniel Gleicher, Head of Cybersecurity Policy, and Oscar Rodriguez, Product Manager, announced that “Today, we’re removing 559 pages and 251 accounts that have consistently broken our rules against spam and coordinated inauthentic behavior.” It is another decision to purge...

From: C. Edward Kelso
Upcoming ICO's
This week overview
Token Name Starts
CDRX (CDRX) logo CDRX (CDRX) 1 days
SkyMap (SKYM) logo SkyMap (SKYM) 1 days
Aditus (ADI) logo Aditus (ADI) 2 days
PlayChip (PLA) logo PlayChip (PLA) 3 days
Stem Cell (SCIA) logo Stem Cell (SCIA) 3 days
Nodvix (NVDX) logo Nodvix (NVDX) 4 days
B21 (B21) logo B21 (B21) 5 days
Coingrid (CGT) logo Coingrid (CGT) 5 days
Empleos (PLEO) logo Empleos (PLEO) 7 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $5610.24428205 -0.03%
Ripple logo XRP $0.5061885578 -1.49%
Ethereum logo ETH $176.272310756 -0.41%
Bitcoin Cash logo BCH $380.780862866 -3.51%
Stellar logo XLM $0.2502607033 0.03%
EOS logo EOS $4.6124946577 -0.49%
Litecoin logo LTC $42.5886274204 -0.51%
Tether logo USDT $0.9874324497 -0.03%
Cardano logo ADA $0.0618950988 -0.53%
Monero logo XMR $89.4743906935 -1%
Tronix logo TRX $0.0190612693 -0.09%
IOTA logo IOT $0.4170974521 -0.33%