Philippines Legalizes Cryptocurrency Exchanges in Economic Zone

[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.

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[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).