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The Cagayan Economic Zone Authority (CEZA), which operates the Cagayan Special Economic Zone (CSEZ) owned by the Philippine Government, has granted provisional licenses for three cryptocurrency exchanges, which should lead to investments up to $ 3 billion. CEZA, which is responsible for business development in the Philippines region, has licensed two Hong Kong-based stock exchanges, while the third license went to a company in Thailand, The Manila Times reported. Raymundo T. Roquero, CEZA's Deputy Administrator for Planning, Business Development and Planning, has identified Golden Millennial Quickplay Inc. Ltd., based in Hong Kong, the first encryption licensing company in the jurisdiction
"This are offshore companies. of 1 million dollars (PHP534.6 million) each … GMQ intends to build [its] infrastructure in Sta. Ana, Cagayan … and will have a two-year incubation period, so they are already allowed to operate here in Manila, "said Roquero during licensing earlier this week. [19659002] By providing businesses with a formal set of regulations and a structure licensing system, the jurisdiction has already proved to be an attractive place, with a large number of cryptocurrency exchanges already considering to be s & # 39; 39, to install in the Special Economic Zone.
Roquero stated that the licenses would be renewed on an annual basis, "
" When they submit an application, they will pay an application fee of $ 100,000 ( $ 5.35 million) [and a] for a $ 100,000 license.Then you move to probity checks, then to the application programming integration (API), which costs $ 100,000 moreover, "said the head of CEZA. t invest here because we are the first to provide rules and rules for cryptocurrencies. "
The announcement was made two weeks after CEZA said it would take a closer look at applications exchange of cryptocurrency. In early July, CEZA's director, Raul Lambino, said the agency would limit the licenses issued to 25, although each licensee may have 20-30 sub-licenses for traders and brokers
and the region as a whole, and could position the Cagayan Economic Zone as a preferred destination for cryptocurrency exchanges in the region.
By creating legal certainty around cryptographic exchanges operating under their jurisdiction, the CEZA model can be seen as a clear demonstration. politics can create a legitimate and regulated market for cryptocurrency trading to work. Contrasting with the approach of the disperse gun to regulation elsewhere, it seems that other regulators around the world could learn from the CEZA approach.
Note: Tokens on the Bitcoin Core string (segwit) are called BTC coins. Bitcoin Cash (BCH) is today the only implementation of Bitcoin that follows the original Satoshi Nakamoto white paper for Peer to Peer Electronic Cash. Bitcoin BCH is the only large public blockchain that maintains the original vision of Bitcoin as fast and frictionless electronic money.
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