Philippines CEZA Grants Crypto Exchange License to 6X.com
January 9, 2019. The Philippines’ Cagayan Economic Zone Authority (CEZA) has recently granted Singapore-based 6x.com to operate an offshore cryptocurrency exchange service in the economic zone.
6x.com secures a Financial Technology Solutions and Virtual Currency (FTSOVC) license from the government agency, allowing it to run fintech solutions and offshore cryptocurrency exchange services, offering services to residents and companies outside the Philippines.
BitPinas has confirmed with CEZA public relations manager Joyce Calimag that it has registered a company under the name 6X Tech Pte. Ltd.
While companies in the Philippines must first register with the Central Bank (Bangko Sentral ng Pilipinas – BSP) to conduct cryptocurrency exchange services that services Philippine residents, the CEZA license allows 6X.com to service customers outside the Philippines.
Even though cryptocurrency is the most widely understood application of blockchain technology, “at the heart of it is the notion of decentralization and greater autonomy from traditional financial institutions,” revealed Vanessa Koh, International Vice President of 6X. As the transfer of money is a slow and expensive process, Ms. Koh said blockchain is able to speed up and simplify this process while also reducing its cost.
As CEZA commits to position itself as a fintech and blockchain hub in Asia, 6X will be part of a number of companies who will contribute to its economic development. Ms. Koh said 6X is “happy to be “part of the government’s master plan to establish a clear cryptocurrency ecosystem in the country.”
6X Joins firms such as Tiger Wheel, GMQ, Asia Premier, Liannet, among others to have an offshore cryptocurrency exchange license granted by CEZA. The application of these companies has resulted in the government agency having a significantly higher revenue in 2018 than the previous years, citing a 212% increase in income.
6X Digital Asset Trading Platform (www.6x.com) is a Singapore-registered cryptocurrency exchange that claims over one million users worldwide. Cryptocurrencies like bitcoin, ethereum, and litecoin can be traded on the platform.
Recently, it partnered with blockchain messaging app secret.one to “allow more access points and use cases” to the blockchain ecosystem.
This article first appeared on BitPinas on January 9, 2019: Philippines CEZA Grants Crypto Exchange License to 6X.com