July 27, 2018: Read about the awarding ceremony in this article: Philippines’ Cagayan Economic Zone Formally Awards Second Offshore Crypto License
July 26, 2018, The article has been updated by BitPinas staff to reflect confirmed information. Bitpinas has obtained from CEZA staff that it is not launching a CEZA cryptocurrency that was earlier reported by other websites.
The Cagayan Economic Zone Authority (CEZA) will award a new offshore cryptocurrency exchange license in a move to bolster the economic zone’s development.
CEZA will formally issue a Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license on July 26, 2018 to Liannet Technology Limited, a subsidiary of Apsaras Group.
It is reported that CZC Exchange will provide support for startup blockchain team incubation, industrial funds, third-party financial legal services, digital currency market value management, community operations, ICO project operation, and diagnosis.
In addition, the exchange will also strive to partner with other blockchain companies to further develop its services and to create a CEZA Special Economic Zone Financial Technology Center.
CEZA forecasts a Php 3.6 billion earnings from offshore cryptocurrency license issuing. According to CEZA Senior Deputy Administrator, Mr. Raymundo Roquero, it has received a total of 70 applications and 6 of which are now paid in terms of license fees. He added that aside from the Php 3.6 billion earnings from the issuance of licenses, the authority will also have a 0.1% share for every transaction on the registered crypto exchanges.
- Read more: CEZA Expects to Earn Php 3.6 Billion from Offshore Crypto License Issuing