Philippines Legalizes Cryptocurrency Exchanges in Economic Zone

[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.

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[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