Philippines to embrace cryptocurrency by issuing crypto exchange licenses

ABR
August 7, 2018

The authority that governs the Philippines Cagayan Special Economic Zone and Freeport is aiming to earn $67 million just by issuing cryptocurrency exchange licenses.

As announced by Philippines News Agency on July 10, Cagayan Economic Zone Authority (CEZA) granted an operation license to a Hong Kong-based crypto exchange in Philippines. This makes the Hongkong platform become the first licensed financial technology solutions and offshore virtual currency (FTSOVC) company in this country

CEZA representative shared that  the investment promotion agency (IPA) would only issue 25 FTSOVC licenses. Meanwhile, those authorized organizations are allowed to issue at least four regular licenses under them.

Raul Lambino – CEZA Administrator and Chief Executive Officer said that a principal license for FTSOVC operation costs $360,000 and a regular license only costs $85,000. However, the announcement does not clarify the differences between both types of licenses

Through the tiered exchange licensing model, Roquero said that the authority expects to make a profit of 3.6 billion pesos, or around $67 million.

Through granting crypto exchange licenses,  CEZA expects to earn  PHP3.6 billion (around 67 million US dollars)

Furthermore, CEZA requires 0.1 percent of the total value of each transaction on registered exchange platformes

Roquero implied that CEZA received 70 submission so far and six of those companies have already paid for the licensing fee.

In additional, crypto exchanges is required to invest at least $1 million within two years to build up a back office in this country.

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