The Philippine Government Allowed 10 Exchanges

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A Reuters report November last year said that the Philippine government announced that the Securities and Exchange Commission of the Philippines (SEC) is considering allowing bitcoins and other VCs in the country. Now they announce that they allow Crypto Exchange

As the first permitted crypto exchange in the country, 10 companies will operate in a special economic zone in Cagayan, a province in the northeastern Philippines. This step will contain companies in special economic zones to take tax benefits and create job opportunities.

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Raul Lambino, head of Cagayan Economic Zone Authority (CEZA), told Reuters: "We will license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysia, Korea. ... They can go into cryptocurrency mining, early coin offers, or they can exchange, "

He was just hinting about citizenship, keeping the company's name confidential. He also talked about opening a blockchain and a financial technology university in the economic zone to provide workers for the novice industry.

There are several objections to this agreement, 'fiat money exchange into virtual currency, and vice versa, must be done overseas to avoid breach of Philippine regulations', and,

"They (the company) should invest at least $ 1 million over two years and pay up to $ 100,000 (or Php 5 million) in license fees."

The Philippine government also does not particularly like cryptocurrency which says it's open to abuse, but works on rules about cryptocurrency to be completed this year.

"Unfortunately, there are many cases where ICO promoters disappear into thin air. We do not want that to happen here, "said Emilio Aquino, SEC commissioner responsible for law enforcement and investor protection.

Source : https://cointelegraph.com/news/philippine-govt-to-allow-countrys-first-crypto-businesses-in-special-economic-zone