The Cagayan Economic Zone Authority (CEZA) doubled its original plan of giving 10 licenses to 25 licenses to cryptocurrency startups. A few investors from Asia are now showing interest in acquiring the limited slots.
As shared by the Philippine News Agency, CEZA is now open to giving 25 licenses to cryptocurrency exchanges and along with it are newly crafted rules to protect investors.
The northern Philippines’ own Silicon Valley shared that along with the 25 licenses, each holder will also have 20-30 sub-licenses for traders and brokers. Companies who are willing to invest have to comply with the requirement of at least $1 million investment or around Php 53 million within two years. They also have to be registered with the country’s Securities and Exchange Commission (SEC).
“We do not want the Philippines to be a haven for scammers even if these scams are happening abroad. That’s why through our probity and integrity check we can determine if their transactions are just designed to entice unsuspecting people to invest in bitcoin or whatever crypto coin that is a fraud,” – Secretary Raul L. Lambino, CEO, CEZA
Companies who expressed their interest in the Philippines’ crypto hub are reported to be from Japan, Hong Kong, Malaysia, and South Korea.
SEC, on the other hand, are continuously meeting with blockchain and cryptocurrency stakeholders to develop rules and regulations governing the industry. This will also help regulate and safeguard Filipino investors from scammers.