Philippines Green Lights 19 Crypto Exchanges

[Pegasus]

An exclusive economic zone in the north of the Philippines has given the green light to foreign companies to operate a cryptocurrency exchange within the Cagayan Economic Zone Authority (CEZA). In addition, CEZA is also reviewing the application of eight other firms that have already paid their application fees.

On Thursday, CEZA published a list of the companies to which it gave Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) and Offshore Virtual Currency (OVC) licenses, including the names of the companies that have paid their application fees.

CEZA said in a statement said to reporters:

“Provisional principal licenses to conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities. Provisional regular licenses allow them to conduct offshore virtual currency exchange activities. A total of 19 companies have received provisional licenses, 17 were issued provisional principal licenses while two were issued provisional regular licenses.”

FTSOVC provisional licenses from CEZA were given to: Asia Premiere International, Cr8tiv Solutions Management, Dragon Empire Developments, Digifin Technologies, Formosa Financial Holdings, Golden Millennial Quickpay, Galaxy Plus Developments, Hong Kong Yuen Shing Hong, Ipe Global, Liannet Technology, Rare Earth Asia Technologies Corp., Sino-Phil Economic Zone Agency Development and Management Corp., Tanzer Holdings, Tiger Wheel, Ultra Precise Investment, Orient Express Global, and White Ranch Limited. Two others were given OVC provisional regular licenses, namely Cezex Trading Pte. Ltd. and Unicorn Venture Investment Ltd.

Meanwhile, CEZA added that of the eight companies that paid their application fees but are undergoing reviews that are also applying for the two types of licenses include six companies including six which seeks [G14] provisional principal licenses Bitventures Inc., Cx Tech Pte. Ltd., Idragon Science Development Corp., Lideres Inc., Mbex Inc., and Seryna Coin Metrics Inc. The companies applying for provisional regular licenses are Csm Corp. and Birdmouse Co. Ltd.[G15]

Under CEZA rules, these companies that were given FTSOVC and OVC licenses have to invest a minimum of $1 million in the next two years and establish their back offices in the country.

Last August, CEZA administrator Raul Lambino announced a plan to create a $100 million [G16] cryptocurrency hub in Cagayan Valley that would generate more than 10,000 jobs in the business processing outsourcing sector.

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