Philippines Legalizes Cryptocurrency Exchanges in Economic Zone

[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.