The Government of the Philippines will make money on a license for crypto bills

The Cagayan Economic Zone Administration in the Philippines (CEZA) plans to earn $ 67 million to issue licenses to crypto-exchange platforms.

Currently, the first of 25 licenses issued to the Golden Millennial Quickpay Inc. of Hong Kong. Ltd. In total, CEZA received 70 applications from companies, and six of them have already paid a license fee.

Now the basic license costs 360 thousand dollars. It is valid for six months.

Also, companies that will “fully meet management requirements” will be able to apply for a permanent license for 85 thousand dollars. Each crypto-exchange, which received it, will be able to independently issue four more licenses.

In addition, CEZA will receive 0.1 percent of the price of each transaction on crypto-exchange platforms.

The fact that the Philippine authorities intend to create a special economic zone, became known back in April of this year. In this zone will work companies specializing in blockchain projects and crypto-currencies.

10 companies will receive special licenses, as well as tax credits from the authorities of the Philippines. However, for this they will have to invest at least $ 1 million in their business in the next 2 years, and also pay 100 thousand dollars for obtaining a license.

technologyThe names of the companies are already known to the authorities. According to Raul Lambino, the head of the economic department of the Cagayan province, we are talking about 10 crypto-exchanges from Japan, Hong Kong, Malaysia and Korea. Source:

View the full story

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x