Well, we have heard of countries around the world regulating the cryptocurrency law in the view to protect country’s economic condition. But the Philippines government has taken a step ahead to support 10 cryptocurrency exchange houses and blockchain companies.
This decision taken is expected to boost country’s economy and get tax advantages. The names of these companies are not revealed but have received the license to operate in special economic zones
Raúl Lambino, Head of the Authority of the Economic Zone of Cagayan (CEZA) said,
“We are about to license 10 platforms for the exchange of cryptocurrencies. They belong to Japanese, Hong Kong and Korean. The license will allow them to exercise cryptocurrency mining and perform ICO’s.”
The CEZA is a state-owned corporation. It has the task of supervising and managing the special economic zone of Cagayan, where these companies are allowed to operate.
The country’s Securities and Exchange Commission was planning to form the regulatory provisions in order to enhance protection and reduce risk.
As per CEZA, interested companies should commit to invest a minimum of $1 million dollars for a period of 2 years and pay up to $100,000 in fees related to licenses.
Although the investing price seems to be high, people of Philippines are welcoming cryptocurrency sector with a positive attitude.
According to CEZA, the company is planning to establish universities within the economic zone so that newly adopted companies can leverage this manpower.
All in all the country is taking active measures to regulate cryptocurrencies in the best possible way. Let us know your thoughts about this in below comment section