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
July 16, 2018

Russia Now Has a Registry of Whitelisted Crypto Companies

The Russian Association of Cryptocurrencies and Blockchain has created a registry of whitelisted companies that offer crypto-related products or services. Meanwhile, the bill to regulate cryptocurrencies in Russia has been delayed. Also read: Yahoo! Japan Confirms Entrance Into the Crypto...

From: Kevin Helms

Why Governance is the Greatest Problem for Blockchains To Solve

A chain is only as strong as its weakest link, and in a blockchain that link lies in the form of its founders. Getting nodes to achieve consensus is easy compared to the difficulty of getting humans to achieve consensus. The greatest challenge that new blockchains must solve isn’t speed or...

From: Kai Sedgwick

Why Governance is the Greatest Problem That Blockchains Must Solve

A chain is only as strong as its weakest link, and in a blockchain that link lies in the form of its founders. Getting nodes to achieve consensus is easy compared to the difficulty of getting humans to achieve consensus. The greatest challenge that new blockchains must solve isn’t speed or...

From: Kai Sedgwick

Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan. Also...

From: Kevin Helms
July 15, 2018

BCH Roundup: Steady Development, Market Uptrends, and New Apps

The anniversary of the blockchain split that took place on August 1, 2017 is just two weeks away. Over the past few months Bitcoin Cash (BCH) infrastructure support and development has been exponential, while BCH proponents have also seen a bunch more announcements during the second week of...

From: Jamie Redman

Australian Firms Partner to Provide Crypto Custody Services

Decentralised Capital, an Australian advisory firm “specializing in blockchain assets” and “asset management services,” has announced a partnership with Custodian Vaults, an Australian private vaulting company, to offer insured cryptocurrency custody services to the Australasian...

From: Samuel Haig
Upcoming ICO's
This week overview
Token Name Starts
Optimal Shelf Availability Token (OSA) logo Optimal Shelf Availability Token (OSA) 5 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6375.13 -0.13%
Ethereum logo ETH $453.185 -0.12%
Ripple logo XRP $0.445394 -0.04%
Bitcoin Cash logo BCH $727.445 0.06%
EOS logo EOS $7.35233 -0.33%
Litecoin logo LTC $78.996 -0.14%
Stellar logo XLM $0.219912 -0.18%
Cardano logo ADA $0.143397 -0.25%
IOTA logo IOT $1.00078 -0.07%
Tether logo USDT $0.999014 0.02%
Tronix logo TRX $0.0344612 -0.23%
NEO logo NEO $33.8342 0.47%