ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Sunday May 27th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Philippines To Welcome Ten Blockchain And Cryptocurrency Companies Into Special Economic Zone

By

Matthew

De Silva

WriterETHNews.com

“We are about to license 10 platforms for cryptocurrency exchange,” said the chief of the Cagayan Economic Zone Authority. However, to comply with regulations, trading between fiat currencies and cryptocurrencies must take place offshore.

On April 25, 2018, the chief of the Cagayan Economic Zone Authority (CEZA) revealed that a collection of blockchain and cryptocurrency companies may soon set up shop in Cagayan Special Economic Zone and Freeport located in the Philippines. "We are about to license 10 platforms for cryptocurrency exchange," chief Raul Lambino told Reuters. "They are Japanese, Hong Kong, Malaysians, [and] Koreans."

The companies, he said, "can go into cryptocurrency mining, initial coin offerings, or they can go into exchange." Although CEZA paved the way for digital asset exchange platforms by legalizing them in February, Lambino noted that to avoid regulatory issues, trades between fiat money and cryptocurrency must be conducted offshore.

According to the rules established by CEZA, the approved companies are expected to invest a minimum of $1 million over the course of two years and spend $100,000 in licensing fees. Lambino also said that CEZA has considered creating a blockchain and FinTech university in the zone to train future employees for the companies.

In March, a senator in the Philippines submitted SB1694, a bill which proposed increasing penalties for "crimes involving cryptocurrencies."

Matthew De Silva

Matthew is a full-time staff writer for ETHNews with a passion for law and technology. In 2016, he graduated from Georgetown University where he studied international economics and music. Matthew enjoys biking and listening to podcasts. He lives in Los Angeles and holds no value in any cryptocurrencies.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Philippines, Cagayan Economic Zone Authority or other Ethereum business and finance news.