Philippines Legalizes Cryptocurrency Exchanges in Economic Zone!

[franciscoDC]

Ano nga ba ang maidudulot nito saatin?


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/

[julerz12]

Ano nga ba ang maidudulot nito saatin?

I can tell you right now, Marami 
As stated sa report, it will help generate employment opportunities locally.
Tax that'll be collected on these companies will help on the growth of our economy.
Magandang move 'to ng mga tiga Cagayan Economic Zone Authority.
I hope tuloy-tuloy na pag-welcome ng Pilipinas sa mga Cryptocurrency Related Companies/Businesses. 

[jonemil24]

Oo, magandang balita ito para sa ating mga pinoy.

Ngunit may mga katanungan ako ukol dito:
1. 10 crypto-exchange ang mabibigyan ng license, sino/ano ang mga ito at bakit sa atin nila napiling mag-operate?
2. Hindi kaya gamitin din ng mga gobyerno natin ang cryptocurrencies para maka-kurakot sila? Alam naman natin na sa lahat ng corrupt na bansa, isa na tayo na nasa listahan.
3. At ang panghuling tanong, dapat na bang kabahan si coins.ph kapag naisip ng mga exchanges na ito na magkaroon sila ng palitan sa sarili nating pera?

Kung matutuloy ang pagpasok nila dito satin, tiyak na magkakaroon ng mga blockchain at ICO events sa ating bansa.

[hastang]

GREAT! napakalaking tulong nito sa atin na engage ngayon sa crypto currency... magkakaroon tayo ng madaling access sa mga platform at maka pag trade sa ibat ibang coins within philippines zone... kudos to CDO! sana makita natin ang katuparan nito sa madaling panahon.

[rommelzkie]

Napakaganda nyan para sa pilipinas kapag natuloy yan. Ang swerte natin at dahil suportado talaga ng government ang block chain technology

Napaka saya kung magiging blockchain startup hub din ang pilipinas. I hope sana yung mga mag crecreate ng unang ICO dito sa bansa natin ay magiging successful.  Sana masala din mahirap na baka scam yung mag simula papangit image natin kapag ganun.

[FissioncoinXpres]

Napakaganda nyan para sa pilipinas kapag natuloy yan. Ang swerte natin at dahil suportado talaga ng government ang block chain technology

Napaka saya kung magiging blockchain startup hub din ang pilipinas. I hope sana yung mga mag crecreate ng unang ICO dito sa bansa natin ay magiging successful.  Sana masala din mahirap na baka scam yung mag simula papangit image natin kapag ganun.

Marami ng nagcreate ng ICO sa pinas, pero puro mga palpak, scam sa huli

[zenrol28]

Kung nasaan ang pera nakatutok at tututok talaga ang gobyerno. Iisang bagay lang ang unang pumasok sa utak ko nung nabasa ko tong balitang to.

CORRUPTION

CEZA will also require the companies to invest at least $1 mln over two years and pay up to $100,000 in licence fees. Lambino added that CEZA is also looking to build a Blockchain and fintech university to provide skilled employees for the new companies.

Hayup na yan. Pera pera talaga.

[julerz12]

Oo, magandang balita ito para sa ating mga pinoy.

Ngunit may mga katanungan ako ukol dito:
1. 10 crypto-exchange ang mabibigyan ng license, sino/ano ang mga ito at bakit sa atin nila napiling mag-operate?
2. Hindi kaya gamitin din ng mga gobyerno natin ang cryptocurrencies para maka-kurakot sila? Alam naman natin na sa lahat ng corrupt na bansa, isa na tayo na nasa listahan.
3. At ang panghuling tanong, dapat na bang kabahan si coins.ph kapag naisip ng mga exchanges na ito na magkaroon sila ng palitan sa sarili nating pera?

Kung matutuloy ang pagpasok nila dito satin, tiyak na magkakaroon ng mga blockchain at ICO events sa ating bansa.

1. Malamang yang sampu nayan lamang ang nakita ng BSP/Government na eligible to operate in CEZA.
2. Given na yang corruption, kahit pa sa anong gawin natin, nandyan nayan. The important thing is this will help the people in that region to get more job opportunities. Kahit papano, may magiging progress din naman siguro.
3. They should. Pero may mga paraan parin naman para manguna parin si Coins.ph. One thing they could do to earn more user-base is ibigay yung control ng private keys sa mga users nila, instead of them carrying it for us.