In an effort to create employment and contribute to the country’s economy, the Philippine government has given the green light to 10 cryptocurrencies and blockchain companies in order to be financially profitable by operating in the economic region.
It will be the first in the country to be able to work with licenses in the special economic zone of the country. Raul Lambino, General Manager of the Cagayan Economic Zone Authority (CEZA), with regard to the companies that have a wide range of flexibility in procedures, said:
“We are about to license 10 platforms that make and sell cryptocurrency. These platforms are from Japan, Hong Kong, Malaysia and Korea … After licensing, these platforms will be able to start cryptocurrency mining, ICO projects and trading.”
The Cagayan Economic Zone Authority (CEZA) is a government entity responsible for the supervision and management of the Cagayan special economic zone in which the companies operate.
The general stance of the country on issues related to crypto seems to be quite convenient. Lambino also stated that CEZA has planned a blockchain and financial technology university in the Economic Zone, aiming to meet the employment needs of companies.
Interested companies have to invest at least $1 million over two years and also pay the license fee of 100 thousand dollars. While the names of the 10 companies were not disclosed, the country’s senator, Leila de Lima, called for more stringent punishment for cryptographic crimes.
The Philippines has taken a step forward for the advancement of the country’s economy.