Philippines Legalizes Cryptocurrency Exchanges in Economic Zone

[wandino]

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

[1714024323]

1714024323

[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