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.