Philippines Legalizes Cryptocurrency Exchanges in Economic Zone

[franciscoDC]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

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[Vincemanam21]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

[haroldtee]

Saw this news earlier today. Apparently something is beginning to stir them up not to lag behind.

Now it has come to wooing exchanges to come situate in their country ... I see that as a step forward though and a great sign that this market is here to stay irrespective of those who are dumb enough to oppose it.

I assume they are all beginning to see the benefit they stand to gain in the long run than trying to thwart the growth and development of the cryptocurrency space looking at how Australia, Japan and the likes have been doing.

[clickerz]

Well this is another good news for Philippines. But i think Philippines will be more strict on implementing for this, so that it will not become a haven for scammers too. Cryptocurrency is a pioneering and this blockchain technology is new that can be exploited for fraudulent purpose.

[flag39]

Very good news
I heard that stock markets are going to trade crypto after some regulations. Hope this comes true!

[avikz]

Well, that's a good news! Even though the volume from Philippines is not that significant, but I believe it will certainly increase after this move. However, I have a question here, are those exchanges will allow investments from outside Philippines? I am not talking about the fiat to crypto exchange or vice verse, just crypto to crypto exchange I am asking. I will be glad if anyone can answer this. Because that can be the unique selling points for those exchanges. 10 exchanges can't survive along with the volumes of Philippines. They need to have the permission to operate worldwide.

[dothebeats]

Finally they realized that allowing these companies to establish their own crypto business in this land wouldn't promote illicit activities. If anything, it creates more jobs for the Filipinos and help stimulate the economy. If these companies ever succeeded in their ventures in this soil, it would attract more and more foreign services to do business here thus creating more jobs and in turn, stimulating the economy. Good thing the Philippine government is slowly embracing the change and realized that there's more good things this move brings rather than bad.

[amishmanish]

I think the most important part is where the article describes setting up of an educational institute.

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

This is a sign of mature acceptance and not just a passing decision to accommodate the idea. It is commendable that the Govt of Philippines is willing to invite new comers as well as create technical knowhow and trained manpower in the field of blockchain. Any such university will also have to take care of the Mathematics, Computer Science and cryptography parts. This can be a truly multi-disciplinary institute. Last i heard, their badass, almost Don like president Duterte was busy cleaning the streets from the scourge of drugs. And now this forward looking step.

It can now only be hoped that the people, officials and particularly the youth will make good use of this acceptance rather than just putting their life savings into questionable investments and seeing them getting drained to scammers in east European countries.!!

Philippines is also among one of the important developing economies of Asia. If this accepting approach yields results, the rest of the developing economies in the region will follow suit.

[dunfida]

Saw this news earlier today. Apparently something is beginning to stir them up not to lag behind.

Now it has come to wooing exchanges to come situate in their country ... I see that as a step forward though and a great sign that this market is here to stay irrespective of those who are dumb enough to oppose it.

I assume they are all beginning to see the benefit they stand to gain in the long run than trying to thwart the growth and development of the cryptocurrency space looking at how Australia, Japan and the likes have been doing.

Not only that.As i have known on Philippines they would really embrace such adoption. Why? because they would really benefit because they can able to impose tax on it which will really give them advantage and we do know crypto users on that country is quite significant and now its already being considered or legalized then expect it would really be beneficial for them.

[Sahyadri]

I was reading the same article online and got pretty excited to know the legal status. Philippines is not very far from my country and has a lot of english speaking population, so I can consider it a safe haven if I ever want to move out of country. Philippines had been friendly to cryptos initially as well and the people from that country never really had any major hiccup unlike other asian countries like Pakistan, China and Bangaladesh.

[adpinbr]

this is a great news for the Philippines' netizens who is using bitcoin as their main source of income or as their part time job. they are on their way in legalizing bitcoin. A smart choice from their president because this will help the philippines economically and also reduces the unemployment rate of the said country.

[Averim]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

This is what i call wise administration. They have nothing at all to lose by creating a friendly crypto zone, this is a good start for them and i hope in the future they will allow other companies to act in that blockchain zone.

[mostcrack]

It is good to have the crypto get along well with the government and make the country want to take a big chance that can benefit the country if it is quick to take the crypto potential for the future of the country and for the common good, it is very loss if they do not take the opportunity, to design technology so that there is no lost in every project created, if you want to take the bitcoin potential there must be a massive renewal of technological facilities in the country and it would be great for me to progress.

[ylnar123]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Legalizing cryptocurrency in the Philippines started since they accept Bitcoin and regulate the flow of it through the central bank. Though I was not totally surprised of this Revelations but I still hope that politics will not enter this topic and let the flow continue.

[harizen]

Well this is another good news for Philippines. But i think Philippines will be more strict on implementing for this, so that it will not become a haven for scammers too. Cryptocurrency is a pioneering and this blockchain technology is new that can be exploited for fraudulent purpose.

This is what I like about PH views towards cryptos since cryptos was first used in the country. Even no doubt that are lots of fraudsters and the country was proned for so much scammers taking advantage of those newcomers on whatever means, still Central Banks didn't opposed and prohibits the usage of cryptos. But instead they strict an implementation and regulations like the usual bank is facing but still for me, not that strict.

Im against regulations but if the purpose is good then why not. And besides, it's not all about we are not getting the advantage of using cryptos but we can also take advantage of that regulations.

this is a great news for the Philippines' netizens who is using bitcoin as their main source of income or as their part time job. they are on their way in legalizing bitcoin. A smart choice from their president because this will help the philippines economically and also reduces the unemployment rate of the said country.

It was not a choice from the President. The talks is on the table already for years. This is really expected as like I said since the beginning, cryptos was not considered as shit on PH.

[Hydrogen]

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

That is an incredible contrast to how bitcoin and crypto currencies are treated in other countries. I hope this goes through unimpeded. In a few years we could have excellent data regarding the potential economic benefits of legalized crypto currencies in economies, which could encourage other nations to implement similar measures. It could also imply countries like china and south korea which impose bans on crypto could hinder their economies and job markets by opposing innovation and change rather than embracing it.

This is a radical move by the philippines. I'm happy someone in the world recognizes the potential value of crypto currencies and that people might benefit from it. If only the united states could be as open minded and bold in pursuing good policy.

[redcucumber]

This is a good news not only in the Philippines but also in the crypto world because the small movements like this will accumulate a big impact soon because of its recognition of the technology run by bitcoin the blockchain few people might see its potential at the start but it will grow in time its like finding a gem in a mining camp and spreading the news all over the town, I hope crypto currency will legalize crypto in the whole Philippines soon.

[seven2smoke1]

I was reading the same article online and got pretty excited to know the legal status. Philippines is not very far from my country and has a lot of english speaking population, so I can consider it a safe haven if I ever want to move out of country. Philippines had been friendly to cryptos initially as well and the people from that country never really had any major hiccup unlike other asian countries like Pakistan, China and Bangaladesh.

Really, this is a good news to hear about crypto, I am sure with this legalization in Philippines, Bitcoin price will increase more soon, I know a lot of Philipinos are interested in this field of cryptocurrencies, and with this legalization of crypto exchanges will be better for us as a bitcoin community and for bitcoin itself.

[neliawesome]

Such a great news not just for me as a Filipino citizen but also for all Crypto members here in Philippines.Finally the government and companies here already embracing the world of cryptocurrency.Hope everything will work well.Its okay if they will give strict restriction regarding in those matter for a secure and safe transactions purposes.

[ivrynx]

Hopefully this will change the views of people regarding crypto currency, since it is not that long ago that someone made a scam using bitcoin and it gave a bad reputation to bitcoin for those who failed to resesrch what bitcoin is, and what is cryptocurrency, since a lot of people got scammed and made it on the news, i think having an exchnage is a huge step for the community, since the set back. Not only Filipinos are looking forward for the exchange but those who are among the region as well, the only problem I see ks which internet provider are they going to use and what technology, therr is no doubt the Philippines has the highest of internet with very poor service.

[felicity06]

This is a great news for all Filipinos supporting cryptocurrency. It gives all Filipinos opportunity to acquiring new knowledge about crypto world. Hope this updates become successful and continue to helps people in th Philippines to establish a better future. Hoping this event become a reason to prove that we don't need to be more progressive country to go enter in the modernization and developing countries.

[almaerk08]

Yes, this is indeed a very good news not just for us Filipinos but also for all of us here. This just means that the cryptocurrency will be more accepted and be more known to every Filipinos. And the Filipinos will no longer immediately say that this is a scam upon hearing or seeing bitcoin word. This will really change thenviews and opinions of the Filipino citizens and more and more will be eager to join.

[Kemarit]

Well this is another good news for Philippines. But i think Philippines will be more strict on implementing for this, so that it will not become a haven for scammers too. Cryptocurrency is a pioneering and this blockchain technology is new that can be exploited for fraudulent purpose.

I'm pretty sure that authorities in the Philippines have already look at this before allowing anyone to put up a business related to crypto. About 2 weeks ago, there was a reported Ponzi scheme in the county, and I  thought that they might not go as plan regarding the crypto exchanges that they are planning to open, but lo and behold, the government was not affected by the Ponzi scam and still open the doors for crypto enthusiast in the country. This is really a welcoming news for all Filipino bitcoiners out there. Pretty soon another Asian country will be a crypto hub and who knows, the Philippines might attract projects to come in like ICO's company and to help the economy to grow as well in the next coming years.

[hermae]

Yes, this is indeed a very good news not just for us Filipinos but also for all of us here. This just means that the cryptocurrency will be more accepted and be more known to every Filipinos. And the Filipinos will no longer immediately say that this is a scam upon hearing or seeing bitcoin word. This will really change thenviews and opinions of the Filipino citizens and more and more will be eager to join.

This is a good step and great news for everyone, especially for us Filipinos. This will eventually change the mindsets of those people who dont know anything about bitcoin but "scam". This hopefully will help the crypto world becomes even more popular so as to get more people to participate.

[torch2121]

This is really great news. I really thought that bitcoin will be prohibited here in the Philippines because I hear it from one of the brokers on Real Estate. This is something that I will be glad  and more complacent about bitcoin now in the Philippines. Thank you for the existing administration, more job opportunity for Filipinos. Overseas Filipino workers will be lessen. Thank you, thank you.

[Tapyaks72]

Hopefully this will change the views of people regarding crypto currency, since it is not that long ago that someone made a scam using bitcoin and it gave a bad reputation to bitcoin for those who failed to resesrch what bitcoin is, and what is cryptocurrency, since a lot of people got scammed and made it on the news, i think having an exchnage is a huge step for the community, since the set back. Not only Filipinos are looking forward for the exchange but those who are among the region as well, the only problem I see ks which internet provider are they going to use and what technology, therr is no doubt the Philippines has the highest of internet with very poor service.

Yeah definitely this  a big lift to the Philippines economy hope fully  this will  create a new  opportunity to the Filipino people and the trust of crypto currency  will be boast, because of these recognition.

[kateycoin]

It's a good news for a country it means cryptocurrencies is more and more popular and I think ii will bug step to Philippines because lot of people around the world Philippines is one the many users of bitcoin it's big help to them to use bitcoin and it will legalize it.

[bolbau]

this is a good sign for the community of bitcoin in particular and crypto in general. philippines have proved that developing countries can also participate in the development and use of cryptocurrency. no need to worry about issues that arise lately. I hope that the decisions and policies made by the Philippines are able to influence and provide new perspectives on other countries, especially in ASEAN, which still has many debates related to bitcoin legality.

[Hexah]

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.

This is what I am most excited about, I will probably look into this, to be one of the pioneers. I seen just this time around and I guess this will bring more opportunities to many individuals.

[carlisle1]

Saw this news earlier today. Apparently something is beginning to stir them up not to lag behind.

Now it has come to wooing exchanges to come situate in their country ... I see that as a step forward though and a great sign that this market is here to stay irrespective of those who are dumb enough to oppose it.

I assume they are all beginning to see the benefit they stand to gain in the long run than trying to thwart the growth and development of the cryptocurrency space looking at how Australia, Japan and the likes have been doing.

and because of this for sure,many asian countries or even those near them will think of legalizing this cryptocurrency since they starting to realized that theres a gold mine inside this community.

I wish after this that many will follow so the market wil stand strong again and we can feel the greenery of the values of the coins circulating

[CuriousGeorge]

I was reading the same article online and got pretty excited to know the legal status. Philippines is not very far from my country and has a lot of english speaking population, so I can consider it a safe haven if I ever want to move out of country. Philippines had been friendly to cryptos initially as well and the people from that country never really had any major hiccup unlike other asian countries like Pakistan, China and Bangaladesh.

Really, this is a good news to hear about crypto, I am sure with this legalization in Philippines, Bitcoin price will increase more soon, I know a lot of Philipinos are interested in this field of cryptocurrencies, and with this legalization of crypto exchanges will be better for us as a bitcoin community and for bitcoin itself.

Indeed it's a good news but doesnt mean it will give an affect to the price of bitcoin like that considering that phillipines has relatively low exchange volume therefore I guess the impact is not that big however still a good news that bitcoin starting to have its mass adoption, maybe it will add up to the currrnt bullish market I suppose

[Tagabukid69]

The next would be legalization, This is good news for  crypto users, Finally the time has arrived,  I hope some big companies in the Phillipines would also adhere the use of bitcoin to help soar up its value in the world market:)

[sheenshane]

I was reading the same article online and got pretty excited to know the legal status. Philippines is not very far from my country and has a lot of english speaking population, so I can consider it a safe haven if I ever want to move out of country. Philippines had been friendly to cryptos initially as well and the people from that country never really had any major hiccup unlike other asian countries like Pakistan, China and Bangaladesh.

Really, this is a good news to hear about crypto, I am sure with this legalization in Philippines, Bitcoin price will increase more soon, I know a lot of Philipinos are interested in this field of cryptocurrencies, and with this legalization of crypto exchanges will be better for us as a bitcoin community and for bitcoin itself.

Indeed it's a good news but doesnt mean it will give an affect to the price of bitcoin like that considering that phillipines has relatively low exchange volume therefore I guess the impact is not that big however still a good news that bitcoin starting to have its mass adoption, maybe it will add up to the currrnt bullish market I suppose

Even though lately they have a news about bitcoin scam by the pyramiding group of people but still here in the Philippines adopting bitcoin.
Well, that is a good news, for sure that has an effect on bitcoin price I know my fellow countrymen will have an interest in this cryptocurrency even our government now will allow us by using on these cryptocurrency. So far this news now was a great achievement in all Filipinos.

[doraegun]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

It is very good for all Filipinos if Bitcoin become legalized here in the Philippines. But the problem is only the few Filipinos are benefited here because not all people here in the Philippines are Educated Specially using a new generation technology like facebook and other searching in different site. I hope if this will gonna be happen all leaders in all Baranggay levels are conducted a learning Program tutorial about bitcoin specially in Rural area.

[EnricoGomez]

This is a great news for everyone using cryptocurrencies especially Filipinos. By the support of the government, it will surely signifies the importance of the entity. It can also kickstart the support and legalization of other countries of cryptocurrencies which can influence the bloom of crypto and a start of a better era, financially speaking.

[Slow death]

I read this news and I confess that I was not happy, I would be happier if they legalized bitcoin

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

with this will not have fresh money entering the markets of bitcoin and altcoins, why they do not legalize bitcoin and allow people to buy bitcoin using their country's fiat? if they really want to show they support Cryptocurrencies, do the same thing that japan did

It can also kickstart the support and legalization of other countries of cryptocurrencies which can influence the bloom of crypto and a start of a better era, financially speaking.

The truth is that there are very few countries that accept people to buy bitcoin directly from their bank account using their fiat. we need more fresh money entering the markets, we do not need advertising that does not have any weight, we need actions that are beneficial to bitcoin in the short and long term

[kryptqnick]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.

Regulating cryptocurrencies and providing a tax-friendly system for trading, mining and investing in ICOs is a very wise decision. Especially, for such a state as Phillippines, where people are mainly very poor. However, I don't understand this point acout fiat and cryptos. How are people supposed to do it beyond the borders of the country? If there was a possibility to spend cryptos in, say, shops, then it would make sense, but otherwise it makes all other information nearly meaningless, since people need money for life and won't be able to use it for this.

[0t3p0t]

Sounds good for the Filipino people as the governments move is now in favor of the cryptocurrency enthusiasts and in my own opinion on this is that there is a huge benefits between the two party namely, the people and the country as taxes may help improve the econmy as I know that more and more investors and business minded people that is related to crypto to pour some as they can feel safer now as government wants to ensure that they are in the right place  in that economic zone. Is this a step to further go deeper into crypto just like what Japan did?

[keycellko]

This is good news not only to the Philippines but also to cryptoworld as a whole. This will welcome developing countries to invest and bring business to the Philippines and in turn will promote crypto in the entire country. I hope many other countries follow the example of the Philippines.

[timerland]

If this is true, then honestly it's only advantageous to the country's own economy by welcoming a growing field of crypto in my opinion. A lot of countries are pressing pretty strict regulations or even bans on bitcoin and other cryptos, which in my opinion, makes no sense.

Especially exchanges, crypto exchanges are currently getting pressured to shut down everywhere due to regulatory concerns and pressures. If the phillipines can create an environment where these exchanges can operate without concerns of regulations, it'll just attract a lot more crypto businesses or startups to their country, which will only benefit them.

But this hasn't started yet, we can only take their words for it, and there are no guarantees that their outlook on crypto doesn't change in the future.

[JoshMart]

Wow! If this holds to be true, then the potential to gain investors  or exchanges will have positive effects on the economy. However, it will not be void of challenges during its first few months (or probably years) of implementation. For one, regulation or centralization. It would probably mean that transactions will be monitored which somehow opens up trader information and such. At any rate, I personally think that this is one good step towards a potentially bright future for investors and exchange companies. Let's how this unfolds.

[c++btc]

Yes. I am reading some articles about our country and in about the cryptocurrency well if this will happen the  Future of Cryptocurrencies in the Philippines will be a good looking and not as badinfluence in online earners and also for a fastest communication.

[almersyn]

wow very interesting! the presence of bitcoin began legalized in various countries, especially the Philippines. yes, crytocurrency is a digital currency is indeed nowadays has been completely digital. Governance should digitize various aspects of society and especially in the financial aspect. Because one day we think we do not use real money but with virtual money

[surbanaB]

Well, that's a good news! Even though the volume from Philippines is not that significant, but I believe it will certainly increase after this move. However, I have a question here, are those exchanges will allow investments from outside Philippines? I am not talking about the fiat to crypto exchange or vice verse, just crypto to crypto exchange I am asking. I will be glad if anyone can answer this. Because that can be the unique selling points for those exchanges. 10 exchanges can't survive along with the volumes of Philippines. They need to have the permission to operate worldwide.

Oh, since I heard this good news, I wish to live in Philippines even more. Considerably  there will probably have some more strict on this decision. Yep, definitely it brings them much confusion, one of the most trouble they have to face is scammers. I think that if Philippines legalize bitcoin, it will definitely accept bitcoin both in and out of the country. I hope that from the allowance of bitcoin in Philippines, there will have many other countries legalize bitcoin. If this may occur, the bitcoin value can increase significantly, that makes all of us have chance to use bitcoin.

[Roukawa]

This is just the beginning on how Philippines will open the country for the innovation of technology. I am glad that the present administration are not blind to the effect of cryptocurrency in economy. The good thing here is that, even there are numerous scam news in our country, the government did not ban the cryptocurrency instead, they slowly legalize the cryptocurrency.
I hope that the legalization for cryptocurrency will continue and all of bitcoin scam will eliminate in our country. Scammers are the one who destroy the reputation of bitcoin.

[isidrorex]

I first read this article in our groupchat of Filipino Traders Chat on Facebook, and everyone of us was happy about this because it just shows that many Filipinos believe in the future of Cryptocurrency and their impact in our Economic Zone. We are lucky because our government is open-minded about the new and bigger opportunities that awaits if they allow and adopt Cryptocurrency in the country. I am very excited of the future knowing that something big awaits all of us so it is the right time to invest and consider Cryptocurrency.

[UltimatePro]

Seems that the Philippines are forward thinking. I wonder if Duerte had anything to do with this.

[yndye]

Definitely good news as the country is embracing the change that cryptocurrencies bring. Regulation would be good as it established trust for those people who are skeptic about it and it would encouraged more businesses to consider cryptocurrencies as payment option. I hope that they will take advantage of blockchain technology in other industries and maybe in government activities like election because there is too much manipulation in it so doing it using blockchain technology would eliminate the doubts of the people as it is transparent and no election protest will happen.

[Pinoyfan]

Well this is another good news for Philippines. But i think Philippines will be more strict on implementing for this, so that it will not become a haven for scammers too. Cryptocurrency is a pioneering and this blockchain technology is new that can be exploited for fraudulent purpose.

I think cryptocurrencies are already legal in here in Philippines although our media says that cryptocurrencies especially bitcoin is a bad thing. They only said it used in illegals. We are so disappointed cause our media was so brainwashing. Theres a lot of fake news here in Philippines. Our president working hard to solve that issue but i hope that bitcoin will regain its name.

[D3m1r4wanti]

hopefully this good news can be considered and in the example by other countries especially in asia so that more countries dibenua asia can legalize bitcoin like state of philippines

[Ramtapsbtc]

Well this is another good news for Philippines. But i think Philippines will be more strict on implementing for this, so that it will not become a haven for scammers too. Cryptocurrency is a pioneering and this blockchain technology is new that can be exploited for fraudulent purpose.

It is a welcome news to the crypto world and most probably a music to the ear for those who are involve in cryptocurrency specially in the Philippines. you are right, we should be cautious enough for these companies and should monitor them always to avoid doing scams. The Philippines is a well known country to be corrupt in the past administration and i do hope i already changed now.

[Rono]

Wow, this is really an excellent news for all of Philippines general people who are connected with this Platform. Government Understood slowly country by country it will spread and all over the world they can Accept the crypto policy. There has been a good sign. General public figure Get the opportunity of the job and government will be a benefit.

[rysheeer]

This would be a great opportunity for our country (Philippines) to embrace the innovation of technology but they need to educate the people the real use cases of Cryptocurrency so they would avoid investing on scam ICO's and Ponzi schemes.

[thrylos]

Wow this is another big news of cryptocurrency in the Philippines. This news shows the greatest future of crypto currency around the globe,  aiming success is not easy, but hearing some good news like this is a kind of a one step of a giant towards the goal. And I believe that Philippines will be one of the crypto helper to deliver what it should need to be done.

[thecoder2017]

Its nice to hear that Philippines accept bitcoin and had exchanges it is a good opportunity to its people and this may lead in improving its economy because i believe that bitcoin can help in solving poverty which is one of the major problem of this country.

[clickerz]

Philippines is fast becoming one of popular country in in Asia which is very supportive of cryptocurrency.This move will attract more crypto investors and fintech company.This will help Philippines utilizes the said blockchain technology.

[7Dyoknga5]

This is a great news for Filipinos! This would attract more investor and hopefully programers and developers as well. As of now there's only one application who"s acknowedge by the central bankl'

[Marrionbitcoin]

That would be a great news to all Filipinos. Bitcoin might be the answers to poverty that can change the mind set of investing money and earn than spending to unnecessary expenses. This is a good opportunity to the Philippines to use Bitcoin in our daily lives and the Government must raise awareness to its society so that they will know the benefits of Bitcoin.

[btc_angela]

That would be a great news to all Filipinos. Bitcoin might be the answers to poverty that can change the mind set of investing money and earn than spending to unnecessary expenses. This is a good opportunity to the Philippines to use Bitcoin in our daily lives and the Government must raise awareness to its society so that they will know the benefits of Bitcoin.

I agree that bitcoin can really help a lot of Filipinos but I doubt it can be the answer to poverty. Bitcoin is not the solution to it because its a mode of investment and  not a get rich scheme. But yes, this is really good news not just for Filipinos around this forum but throughout the globe. We have one nations who is favoring crypto as compare to some country in South East Asia who shut it down and put a total ban on crypto like Indonesia or Nepal. Maybe we could see a lot of blockchain developers in the future from the Philippines, as its only one of the IT hub in the region.

[BillCoin]

Great news.
Always good to see developing countries that see bitcoin in a positive way, because it shows innovation and it is a sign for a bright future.
It's pretty well known that big countries and organization that are already  deep fiat will try to block bitcoin as it aims to destroy their stability, but I just can't see a reason for developing countries to do so and that is what we should be aiming for.

[1Referee]

I agree that bitcoin can really help a lot of Filipinos but I doubt it can be the answer to poverty.

It's pretty frustrating when the majority of the people here only think about Bitcoin as a way to earn money, or that it can end all the problems in the world, and then mainly poverty. It's all fine that people can earn some bits through signature campaigns, bounty campaigns, faucets and all other related options, but they don't realize it has not much to do with Bitcoin itself; you are effectively being paid by an external party.

In some cases they use their own Bitcoin revenue to pay users, but in most cases that external party converts fiat to Bitcoin and then pay their users. It's not for nothing that the majority of these parties have significantly lowered their payouts due to the price that has gone up throughout the years. I'm glad that those outside this forum have a completely different way of thinking, which again shows why most of the people are here in the first place.

[syamster]

I agree that bitcoin can really help a lot of Filipinos but I doubt it can be the answer to poverty.

It's pretty frustrating when the majority of the people here only think about Bitcoin as a way to earn money, or that it can end all the problems in the world, and then mainly poverty. It's all fine that people can earn some bits through signature campaigns, bounty campaigns, faucets and all other related options, but they don't realize it has not much to do with Bitcoin itself; you are effectively being paid by an external party.

In some cases they use their own Bitcoin revenue to pay users, but in most cases that external party converts fiat to Bitcoin and then pay their users. It's not for nothing that the majority of these parties have significantly lowered their payouts due to the price that has gone up throughout the years. I'm glad that those outside this forum have a completely different way of thinking, which again shows why most of the people are here in the first place.

Look, the use of Bitcoin is not just to get money or make money but the use of Bitcoin is the decision to get rid of other currencies that cost you more and high transaction rates, interests and many more like tax of government and the wastage of time etc. in order to get rid of all these stuffs people are choosing Bitcoin as a mode of payment in some places and on a large scale people are investing in order to make huge profit. Forget about the negative site and try to be positive about its real face and avoid propaganda’s and negative news.

[Kizaki]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

[maaydin]

I appreciate the incentives that the Philippines government is taking because they are in crisis and start to think differently and use the newest trends in world, that`s the spirit.

[masterchief001]

The Philippines legalized bitcoin in the currency exchange of the economy. This will help bitcoin in this country have the opportunity to further develop. Gradually bitcoin will be paid as official currency. This is good for bitcoin prices going up.

[HiRollStaff]

This is great news. Regulation = acceptance in the end. And thats what we need more of. More countries should follow suit.

[ladydark]

Philippines has already been friendly to cryptos and it's journey started when it's citizens working abroad started sending their earnings in bitcoin to their nation due to the lower transaction fee.

[darkphoenix2610]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

I heard to my friends living in the Philippines that they have their own exchange now but it is on the beta testing if I'm not mistakes it was CX exchange, and besides even senator in their country accept the victual currency and become endorser of it he's name is Manny Pacquiao and many celebrity also adopt the virtual currency and became endorser of it.

[Thira]

this is a great news for the Philippines' netizens who is using bitcoin as their main source of income or as their part time job. they are on their way in legalizing bitcoin. A smart choice from their president because this will help the philippines economically and also reduces the unemployment rate of the said country.

This will be good choice or decision made in the Philippine government to legalize cryptocurrencies here in our country, the government knows that this kind of currencies can contribute and give a good impact to the economy and besides it can help many people who embraces coins as their source of income.

[Papcio77]

Good news to us , i am a filipino and wow seems our cou tries government is beside in crypto currency. So crypto will not ban in philippines. And also it contribute on world economy of online digital money. Filipino crypto user will become more, people and companies will be enter in crypto world.

[agimat]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

Yes hope that this will be a big help to the crypto users in legalizing crytocurrency in our country, they made a smart decision, they can help people who rely on this for their source of income at the same time government will gain and collect charges, fees or taxes with this currencies, this will be a help in favor of the government as developing country.

[Capt00]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

It is just the realization of the Philippine government to take part of these newly form of exchange. And if happens that taxation will imposed for crypto holders, definitely it become a good source of income the country as a lot of their people are now in crypto. Hopefully to see numbers of crypto open in Philippines.

[Bitcoinjheta]

It was a great priviledge for the filipinos legalizing cryptocurrency since the Philippines has already been friendly to cryptos and it's journey started when it's citizens working abroad started sending their earnings by means of bitcoin to their nation due to the lower transaction fee which coins.ph has the one exchange site will initiate and its already expanding there accessible coin in a wallet.

[qwertyup23]

Most individuals view third-world countries as countries who cannot embrace the technology and system of bitcoin. Not to mention, it has created this stigma wherein if a third-world country gets involved people would think that they are not knowledgeable about cryptocurrencies in general. Since the Philippines has started to implement procedures and developments, this reflects a postive news to the crypto world as another alternative is created. Hopefully countries would adapt and support this decision for further enhancements in the future.

Good news to us , i am a filipino and wow seems our cou tries government is beside in crypto currency. So crypto will not ban in philippines. And also it contribute on world economy of online digital money. Filipino crypto user will become more, people and companies will be enter in crypto world.

With this news, it definitely implies that the country is lenient and willing to accept bitcoin in the community. Hopefully this continues and other countries would also support this decision.

[Angna27]

Wow! This is good news! it means the Philippines is now slowly embracing bitcoin in their country, this will also a big help to boost their economic status and good sign of success because many foreign investor will find it favorable and convenient to have it in their country.

[gambitcoin53]

to make 10 company in blockchains legalized is i think too much, i think this is just a propaganda or a press release of the philippine govt to initiate a prospected turn outs of investors, somehow good but daring, even a single blockchain is not yet being legalized in that counrty and yet declaring they are legalizing 10? i don't know what to expect but let us hope for the best, let us all wait.

[Jlv]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Great!, that is good news, this is a good sign that Philippines already embrace the blockchain technology and they will attract more investors through having this, more power to the Philippines.

[DPrillio]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Great!, that is good news, this is a good sign that Philippines already embrace the blockchain technology and they will attract more investors through having this, more power to the Philippines.

Yes, its nice hear that and maybe that is a good move because in the first place there are many Filipino's who have given an opportunity to be financially free through bitcoin or generally it is great help for those unemployed people but because of bitcoin they are earning a big income.

[nl247]

I appreciate the incentives that the Philippines government is taking because they are in crisis and start to think differently and use the newest trends in world, that`s the spirit.

Thinking differently and not following the bandwagon of those who want to be a stumbling block to the advancement of cryptocurrency in their various countries is actually a good step for them in favour of their own country which I am sure a lot of countries really have not been able to understand yet except some that are beginning to see the light gradually now.

This is something that the government itself has a lot to benefit from as well as the users, and steps like this is all that will usher in that growth towards their economic development if taken on a large scale.

[eaglewhite80]

This is great news. Regulation = acceptance in the end. And thats what we need more of. More countries should follow suit.

Yeah, that is always the good thing about regulation and with stuffs like this, we will get to see massive acceptance and adoption among the Filipinos. I want to believe Philippine is also taking the steps of the more developed countries who have taken the lead for a while now and rather than throw the idea of cryptocurrency under the pit, they have been able to come up with easy regulations on cryptocurrency which is ushering great development economically, which I guess some are beginning to see now. (Making reference to the likes of Australia, Japan and the rest).

[wandino]

That is good news.
This rule will bring many exchanges to get setup in Venezuela.

[justdimin]

I agree that bitcoin can really help a lot of Filipinos but I doubt it can be the answer to poverty.

It's pretty frustrating when the majority of the people here only think about Bitcoin as a way to earn money, or that it can end all the problems in the world, and then mainly poverty. It's all fine that people can earn some bits through signature campaigns, bounty campaigns, faucets and all other related options, but they don't realize it has not much to do with Bitcoin itself; you are effectively being paid by an external party.

In some cases they use their own Bitcoin revenue to pay users, but in most cases that external party converts fiat to Bitcoin and then pay their users. It's not for nothing that the majority of these parties have significantly lowered their payouts due to the price that has gone up throughout the years. I'm glad that those outside this forum have a completely different way of thinking, which again shows why most of the people are here in the first place.

Look, the use of Bitcoin is not just to get money or make money but the use of Bitcoin is the decision to get rid of other currencies that cost you more and high transaction rates, interests and many more like tax of government and the wastage of time etc. in order to get rid of all these stuffs people are choosing Bitcoin as a mode of payment in some places and on a large scale people are investing in order to make huge profit. Forget about the negative site and try to be positive about its real face and avoid propaganda’s and negative news.

I am sure you must have missed the context of post. He was not negative, neither was he trying to raise some negative vibes, he was just pretty much trying to state a fact which we have going on presently on this forum. If we are to be truthful to ourselves, a lot of people only think that they can just get rich overnight or the bitcoin would just be a straight answer to poverty without looking at some of the factors that really has put those levels of poverty there in the first place.

As a means of payment, without borders, doing some gigs and easily getting paid, all would be a help to those who find the opportunity and utilize it, but in general, it is only dependent on the level of adoption.

[Aleth]

Well that's good news to all Filipinos out there who have bitcoin in their wallet. since Phils is accepting crypto then our investments are now going to be more valuable in our country. Great!

[upsidedown75]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

It is just the realization of the Philippine government to take part of these newly form of exchange. And if happens that taxation will imposed for crypto holders, definitely it become a good source of income the country as a lot of their people are now in crypto. Hopefully to see numbers of crypto open in Philippines.

Well, there must always be a way for everyone to benefit so as to move forward anyway. Apparently, what is regulation without taxation and how does the government benefit from it as well without it ? The good thing however here is that a lot of citizens will be able to find things to do even outside their countries, get paid in cryptos, and at the end have nothing to fear as long as they pay up what belongs to the government as tax and everyone gets going with some pretty good benefits for the economy in the long run.

[budz0425]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

It is just the realization of the Philippine government to take part of these newly form of exchange. And if happens that taxation will imposed for crypto holders, definitely it become a good source of income the country as a lot of their people are now in crypto. Hopefully to see numbers of crypto open in Philippines.

Well, there must always be a way for everyone to benefit so as to move forward anyway. Apparently, what is regulation without taxation and how does the government benefit from it as well without it ? The good thing however here is that a lot of citizens will be able to find things to do even outside their countries, get paid in cryptos, and at the end have nothing to fear as long as they pay up what belongs to the government as tax and everyone gets going with some pretty good benefits for the economy in the long run.

That is right, and am glad that Philippines also aims to be involved in this kind of innovation that they are following the footsteps of other country such as Japan where in we all know that they are fully adapting bitcoin in their country and they want all their people to have it as well.

[el kaka22]

I agree that bitcoin can really help a lot of Filipinos but I doubt it can be the answer to poverty.

It's pretty frustrating when the majority of the people here only think about Bitcoin as a way to earn money, or that it can end all the problems in the world, and then mainly poverty. It's all fine that people can earn some bits through signature campaigns, bounty campaigns, faucets and all other related options, but they don't realize it has not much to do with Bitcoin itself; you are effectively being paid by an external party.

In some cases they use their own Bitcoin revenue to pay users, but in most cases that external party converts fiat to Bitcoin and then pay their users. It's not for nothing that the majority of these parties have significantly lowered their payouts due to the price that has gone up throughout the years. I'm glad that those outside this forum have a completely different way of thinking, which again shows why most of the people are here in the first place.

That is the major problem and basically the idea most noobs have had over time since they got into this space. The assumption that it is all about the money making and ruling out the importance of what makes bitcoin even relevant in the future is the reason why they tend to even ask some pathetic questions most of the time. There is so much more to experience from using bitcoin and only if average users on this forum except for the old members can realize this, it would even make discussions interesting but I guess you are right, basically, everyone is here just for the money.

[beerlover]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

Yeah, it is really great and for the fact that some countries including Philippines, are already beginning to see the importance and the usefulness the usage of cryptocurrency would be for the economy of the country if allowed on a large scale. It is normal since some smart countries like Japan and Australia has decided to take the lead over the years and pretty much, I am sure they all see how that is going for most of them pretty well which is why this is like the major news we will keep getting to see for a while.

[Kamote_1102]

It's expected to happen, knowing that Filipino Citizens are into Bitcoin. If I'm not mistaken, Majority of Bitcoiners are Filipinos. Now, Philippines os taking advantage of it and they grab the chance to introduce Bitcoin to the whole Country. sooner or later, many Filipinos will become investors in Bitcoin too. It's good that they welcome Bitcoin in their Country.

[BlueStackz]

It is great that Philippines is starting to see the potential of cryptocurrency and that they are starting to regulate cryptocurrency in a good way. I think time will come that the government of the Philippines will start taxing cryptocurrency income and might even threat it as an asset.

Yeah, it is really great and for the fact that some countries including Philippines, are already beginning to see the importance and the usefulness the usage of cryptocurrency would be for the economy of the country if allowed on a large scale. It is normal since some smart countries like Japan and Australia has decided to take the lead over the years and pretty much, I am sure they all see how that is going for most of them pretty well which is why this is like the major news we will keep getting to see for a while.

This can be the real fact but what I think is, these countries have sensed the best features and power of bitcoins in coming future. Like the business and economical analysts claims that these coins would be the source of measure that which country would be the super power of world as the future is all about technology and whosoever have huge impact on bitcoins would be powerful.

[yurenchuang7125]

The government has called for a tax on encrypted currency transactions, and countries have started to introduce tax measures, which has become a new way for governments to step up regulation and generate revenue for the government.

Proper regulation will only make cryptocurrencies more responsive to the market, and more people will be involved.

[bering]

the countries in the south east asia indeed starting to welcome to cryptocurrencies technology and before philippines i heard Singapore also decide to open themselves up for cryptocurrencies and would be good if other countries following philippines and singapore however after seeing this news i think possibly bitcoin users will increase at that country

[arpon11]

Adoption governments  is the only way cryptocurrencies can be accepted by both online and offline business and investment company.  Philippines governments taking the move to legalize cryptocurrencies exchange is one of those ways our governments can help public cryptocurrencies and not like others country are doing buy demonized it.

[katiecbell]

The government has called for a tax on encrypted currency transactions, and countries have started to introduce tax measures, which has become a new way for governments to step up regulation and generate revenue for the government.

Proper regulation will only make cryptocurrencies more responsive to the market, and more people will be involved.

And I think then bitcoins would be safer and secure in terms of implementation in a country. Actually people always want such system that is legal so that they must have a security and peaceful mind while operating that or going for that. So if governments are implementing tax on transitions just to make bitcoins legalize, I think this is a good move and they would be going for that.

[Flayme]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Its a very nice news....  If that is the case that's better atleast in Philippines they realize the uses and importance of cryptocurrency... Everyone should be happy about this news especially those who are involve in the world of crypto...  We are hoping that soon there are lots of reported news like it here...  It will really help one country to develop...  And also because of this news a lots of crypto user that will arose....

[Btcwashu]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Its a very nice news....  If that is the case that's better atleast in Philippines they realize the uses and importance of cryptocurrency... Everyone should be happy about this news especially those who are involve in the world of crypto...  We are hoping that soon there are lots of reported news like it here...  It will really help one country to develop...  And also because of this news a lots of crypto user that will arose....

Well it's a good news to all of us not only to the Filipinos because of that the bitcoin are now very popular and hopefully some other countries are adopting too to the bitcoin as their payment system. If many countries are accepting bitcoin I know many people are investing in bitcoin especially to the people have their own company adopting bitcoin as their payment with his/her workers. In the end of this year the bitcoin price are really pump up and I know some countries now are accepting crypto-currency.

[Whoducen]

I thought that may be Filipino govt will be clever enough to restrain from btcs but I was wrong!

[stammeramusing8]

Everything happens for a fair reason, might be this is the initiation of something good we cant estimate.

[BlinkLifeHippo]

Wish you all the very best and admirable future you would ever have.

[mintevacuateY]

Another joy for the and reason to celebrate in the btcs. Whoa! Hell btcs

[Mymikagab]

Im so much happy about this good news.i always pray about positive feedback and result like this,hoping for continues success.Everyone bitcoin brings joy to us.we will support us all the way.Lets us always positive

[kalawang]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

cause Philippine government knows that bitcoin and other cryptocurrencies are good in economy.they know that bitcoin. Bitcoin and other cryptocurrencies are good in economy cause it will give citizen of works related in bitcoin.someday people will realize that bitcoin was not actually scan

[Janation]

cause Philippine government knows that bitcoin and other cryptocurrencies are good in economy.they know that bitcoin. Bitcoin and other cryptocurrencies are good in economy cause it will give citizen of works related in bitcoin.someday people will realize that bitcoin was not actually scan

You are saying that the Philippine Government knows that Bitcoin and other crypto currencies are good in the economy, that it will be giving the citizen some works that is related to it but I think you just repeat the post of the OP. For now, I think it is great that our country is now supporting more these technology, let's just stay for that in the mean time.

[jpnl0003]

This is incredible news. acknowledgment at last. More nations ought to go with the same pattern.

[Kemarit]

cause Philippine government knows that bitcoin and other cryptocurrencies are good in economy.they know that bitcoin. Bitcoin and other cryptocurrencies are good in economy cause it will give citizen of works related in bitcoin.someday people will realize that bitcoin was not actually scan

You are saying that the Philippine Government knows that Bitcoin and other crypto currencies are good in the economy, that it will be giving the citizen some works that is related to it but I think you just repeat the post of the OP. For now, I think it is great that our country is now supporting more these technology, let's just stay for that in the mean time.

How can you be so sure that it will be good for the economy of the Philippines since it is still infancy in the country? Yes, it might be a good alternative for those who does not have work, but I don't think that it will improved the economy. It can give us options to earn good money though thru trading, but its not enough to really push the economy to the next level. What I wanted to see is that more company or private industries or even government agencies will adopt Blockchain though, because this will really help different sectors and can get rid of the corruption in the country, IMHO.

[potterbean5]

I thought Philippines is already running on btcs, did you all hear the same?

[spongegar]

this is yet another good news for crypto currency. more countries jumping aboard the more people will get to know it. the more people get to know it, the more they will buy crypto currency and the more prices will increase. i just hope that these countries don't place too great of a restriction and taxes on crypto currency to veer off investors. let's just hope we don't hear about any more countries banning crypto currency in their land.

[pallang]

It's nice to know that Philippines legalizes cryptocurrency exchanges and i believe that this will be a big help to it's people in terms of solving unemployment and i guess this will also help to boost it's economy

[apolonio]

It is a good news that Philippines will legalized crypto. Philippines is now stepping forward for cryptocurrency. It is good for Philippine economy and also for the crypto world. I heard it also the people champ manny "pacman" Pacquiao had already made his own cryptocurrency.

[cherryfer]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Yes I knew that, I think that was 3 months ago big news here in the Philippines, all of those proposed crypto currency business for all Filipinos are essential because many of our fellow filipino are wanting to have changes for their daily living and hoping that many filipinos are benefited for this Crypto currency business which is tandem with our government, otherwise we are still remain for the low class in terms of high technology because our Ineternet Speed here in the Philippines is too much lower than the other country.

[leavefifa]

The construction of economic zones for the purpose of leveraging economic development of the country. Typically, in economic zones, the government allows the use of local currency, foreign currency to conduct direct transactions. Permitting the use of Bitcoins in the economic zone means that the Philippine government has recognized the role and influence of Bitcoin in the market economy. This is good news.

[Kertmu]

I saw in YouTube video in it a worker in a car wash UAE was from the Philippines. His salary was up to $ 300. So I ask myself: who will buy Bitcoin.

[jhongzjhong]

I saw in YouTube video in it a worker in a car wash UAE was from the Philippines. His salary was up to $ 300. So I ask myself: who will buy Bitcoin.

You mean that he received the salary in bitcoin worth of $300?
Who will buy bitcoin? Well, they have a legit online wallet name Coins.Ph through this wallet they can easily exchange bitcoin into fiat.

Actually, legalizing bitcoin in the Philippines was true besides not only by that the Central Banks also warn people the possible risk bring by bitcoin to the economic state. Good to hear that the Philippines embracing blockchain technology and not only by what I have heard also that there is some company of exchange market planning to launch in the Philippines for the people who love trading as their source of income.

[kidamazo]

Awesome news! I`m always joyful, when I hear something like that. We are anticipating an overall crypto acceptance!

[weblouartisan]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

You are right this is a very good news for cryptocurrency users who are living in the philippines and the community will keep on growing because people out there can use bitcoins for their daily needs.

[srmecdes]

it is a really good news and we are waiting much more like this kind of news.
think about if the 30 country use crypto, it is like a dream

[dongyi17]

  Happy to hear that! if this is truly happen many will happy for it and this will also a sign that Philippines is rising and developing into becoming more and more better country and is continuously developing accepting bitcoin will help make the country successful.

[jiryuksan]

This is incredible news. acknowledgment at last. More nations ought to go with the same pattern.

I agree with the Philippine government that legalize cryptocurrency in a special economic zone, because it will have a positive impact on the Philippine economy with the entry of crypto investors who carry large capital.

To minimize the impact of using crypto currencies, it is forbidden to use outside the zone. The Philippine government sees the widespread use of crypto currencies, of course, does not want the "cake" to run to neighboring countries that are wellcome with digital currencies.

[burakdat]

I knew that Philippine government has an open minded governance when it comes to new system like cryptocurrency. It has foreseen that cryptocurrency would do good in the country so we the government had to embraced it and at the same time regulate cryptocurrency for possible abuse on the system.

[patarfweefwee]

Another country accepting crypto currency. I hooe more and more countries do the same and just openly accept crypto currency so we can have a different form of exchange rather than crypto currency. Besides, it just makes payments a heck of alot easier especially if you have access to the internet. I just hope more and more Filipinos use it in their daily lives.

[TYPEcoin]

Yes, another one that we waited for, now it is the move from European country to confirm our success. I'm thinking that if some European country will accept from the currency it would be so much easier for others to follow.

[Danisababy]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

As a Filipino and the same a bounty hunter and bitcoiner, I am one of the people who are happy to hear this news. This could have a positive effect for the cryptocurrency world. Because of this, more Filipinos  more people will be aware and know about the cryptocurrency.

[basyang]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

Wow. This is a great news for all of the filipinos who are here in the crypto world. This is a great opportunities to them to have a profit on their own. I know there is an unemployement problem in the Philippines and if its true that some cryptocurrency is really regulate in the country then it is a big help for them. Hopefully, many countries will also open their mind about  this kind of thing.

[Flor1982]

This is a good development and a good move by the government to support Crypto currency and to help the Filipino people. Simply not only it helps the people that are unemployed but the people will earned with minimized tax as Crypto currencies will be build inside the Economic zone in which a tax special privileges zone for all business establishments that will be build inside the zone. Hopefully that this move will not for this economic zone only but it will be establish in the whole country too.

[Tetutu]

It is a good news that Philippines will legalized crypto. Philippines is now stepping forward for cryptocurrency. It is good for Philippine economy and also for the crypto world. I heard it also the people champ manny "pacman" Pacquiao had already made his own cryptocurrency.

The Philippines legalizes cryptocurrency in a limited area, namely in the Economic Zone. Of course a very good policy for cryptocurrency development in the Philippines. For economic and tourism development must be open to the advancement of the digital world, including digital currencies.

[usorin]

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.


 
The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those 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.


The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Source:  https://www.ccn.com/philippines-legalizes-cryptocurrency-exchanges-in-economic-zone/

This is good news but i would be enthusiast of the political and economic situation would be different then it is. As much as i know it is hard to live over there. I guess this is a good test regarding a topic with the title: Could bitcoin change a country?

[andika2018]

Its good news for philippines peoples. Hopely others south east asia country will follow this step. My country have a local exchanger but still i think still unregulated because government dont have regulation about cryptocurrency

[lingwistiko]

This is another good news to add another cryptoexchange in the Philippines. I am glad to be one of the clients to be using one of these cryptoexchange in the name of coins.ph and now, another cryptoexchange in the name of Philippine Digital Assets Exchange or (PDAX).

[Capt00]

This is a good development and a good move by the government to support Crypto currency and to help the Filipino people. Simply not only it helps the people that are unemployed but the people will earned with minimized tax as Crypto currencies will be build inside the Economic zone in which a tax special privileges zone for all business establishments that will be build inside the zone. Hopefully that this move will not for this economic zone only but it will be establish in the whole country too.

Probably because of the Filipino mindset they are adopting cryptocurrency due to the most people there are unemployed and they are lack of jobs opportunity. Maybe their governments saw the goodness of cryptocurrencies bring a profit and it will help contribute to the economic growth, not directly to the government but at least people are lessened those unemployed people. So, indeed, this will bring a good opportunity to them.

[Assface16678]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

I agree. This kind of news is a good thing for crypto currency, in which it will probably encourage more people all over the world to use cryptocurrency because it helps not just an individual to grow but also the economy as a whole. Hoping for more countries to do the same.

[dowellness]

This is good news for all of us Crypto users, we will have a positive view on this as we trust the crypto economy to help develop the country

As a Filipino and the same a bounty hunter and bitcoiner, I am one of the people who are happy to hear this news. This could have a positive effect for the cryptocurrency world. Because of this, more Filipinos  more people will be aware and know about the cryptocurrency.

Yes, there are lots of crypto lover and bounty hunters in Philippines and it will really give them a level of confidence and they can now work with much more ease.

[stellgod]

Its good news for philippines peoples. Hopely others south east asia country will follow this step. My country have a local exchanger but still i think still unregulated because government dont have regulation about cryptocurrency

I will extend my heartiest congratulations to government of Philippines for accepting this challenge and making a way for bitcoin in their economical structure. Soon they would realize the power of bitcoin and hence they would be enlisted in supreme powers that would be the powers of economical world worldwide. Other countries must start thinking about it.

[jonaire99]

Its good news for philippines peoples. Hopely others south east asia country will follow this step. My country have a local exchanger but still i think still unregulated because government dont have regulation about cryptocurrency

This might be the first step in legalizing bitcoin but I believe it would take time to happen because the central bank may still crafting some rules for possible implementation of regulation on cryptocurrency exchanges in the future. The bitcoin adoption in the Philippines might encounter many challenges but the governmebt continues to be bitcoin-friendly, it will achieve the soon.

[squog]

More and more good news involving countries with an open mind that are accepting crypto currency. I just hope more and more countries follow the lead of the country's that accept crypto currency especially countries with huge influence in the market like China and India to flip their side and accpet crypto currency again.

[awik p]

More and more good news involving countries with an open mind that are accepting crypto currency. I just hope more and more countries follow the lead of the country's that accept crypto currency especially countries with huge influence in the market like China and India to flip their side and accpet crypto currency again.

right, of course this will accelerate the development of crypto in the world. with the role of government like that, making people at least understand crypto, until finally using it. if this is done by more countries, of course there will be a surge in cryptocurrency users