Philippine Government Opens Doors To Crypto Operators Into Economic Zone

Philippine Government Opens Doors To Crypto Operators Into Economic Zone

General News
April 26, 2018 by Bitzamp
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Philippine Government Opens Doors To Crypto Operators Into Economic Zone A government official said 10 blockchain and digital currency companies will be allowed to operate in the Philippines’ economic zone. The tax levied on the companies will be useful for eradicating unemployment from the country. According to a report, the companies licensed by Philippines regulators
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Philippine Government Opens Doors To Crypto Operators Into Economic Zone
A government official said 10 blockchain and digital currency companies will be allowed to operate in the Philippines’ economic zone. The tax levied on the companies will be useful for eradicating unemployment from the country.

According to a report, the companies licensed by Philippines regulators will gain entry into the zone, which marks the first time such entities have been permitted in the country and neighbouring territories.
Raul Lambino, the Chief of Cagayan Economic Zone Authority told Reuters:

“We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong-Kong, Malaysians, Korean. They can go into crypto-exchanges, initial coin offering [ICO] or into cryptocurrency mining.”
“But the exchange of fiat money into virtual currency, and vice versa, should be done offshore to avoid infringing Philippine regulations,” he said.

To help add jobs to these companies, the economic zone’s regulator is also considering establishing a new financial technology university in the economic zone with a specific focus on blockchain technology, Lambino added.
Firms are expected to generate employment in exchange for the tax breaks they will receive. Approved companies are expected to invest a minimum of $1 million over the course of two years and spend $100,000 in licensing fees.

CEZA, a state agency that manages the Special Economic Zone of Cagayan and Puerto Libre in the far northeast of the Philippines, in February created rules allowing virtual currency companies to set up offices and facilities in the zone.
The central bank of the Philippines, which is responsible for regulating cryptographic exchanges in the country, does not guarantee the use of digital currency, citing their vulnerability to misuse.


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