• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
Advertisement

Philippines Loosens Grip, Allows 10 Cryptocurrency Companies to Operate in Economic Zone

Georgi Georgiev by Georgi Georgiev
5 years ago
in Emerging Markets, Altcoin News, Bitcoin, Bitcoin Businesses, Blockchain, News, News teaser
0
Advertisement
Advertisement

Philippines will move to allow the operation of 10 virtual currency and blockchain companies in its economic zone. By doing so, it provides them with a wide leeway for improvement as they’d be able to take advantage of certain tax benefits.


In an attempt to generate employment and drive the country’s economy forward, the Government of the Philippines announced that it’s giving the go-ahead to 10 cryptocurrency and blockchain companies to take full advantage of the tax perks and other benefits by operating within its economic zone.

Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.

The First of Their Kind

The companies which are to receive the license to operate in the country’s special economic zone are the first ones to be granted such permits. Furthermore, they’ve received a wide leeway for their operation, as Chief of CEZA Raul Lambino goes on to say:

We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, and Koreans […]; they can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

Cagayan Economic Zone Authority (CEZA) is a Government-owned corporation which is tasked to supervise and manage the Cagayan special economic zone where said companies are allowed to operate.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

It’s Not that Easy

Earlier this year, the Securities and Exchange Commission said that it’s working towards the development of regulatory provisions to reduce the associated risk and increase protection.

It seems that CEZA is also taking serious actions in this regard, as the financial requirements for a company to set up operations in the special economic zone are far from being lenient. Interested parties have to commit to investing a minimum of $1 million over a 2-year period and to pay up to $100,000 in license fees.

However, the country’s overall attitude towards the crypto field does seem quite positive. Lambino also mentioned that CEZA is eyeing a potential setup of a blockchain and financial technology university within the economic zone in an attempt to provide the appropriate workforce for the newly adopted companies.

The names of the allowed firms were not disclosed. It’s also worth noting that the central bank of Philippines hasn’t yet endorsed the usage of virtual currencies as its position is that they are ‘open to misuse’. At the same time, country’s senator Leila de Lima also urged for vigilance and stricter legislative penalties for crypto-related crimes.

All of this goes on to show that the country is obviously maturing on the matter and is taking active steps to regulate it in the best possible way.

Do you think the Philippines’ move to allow 10 companies to operate in its special economic zone is appropriate? Please let us know in the comments below!


Images courtesy of Pixabay; the Bitcoinist Archives, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Georgi Georgiev

Georgi Georgiev

Related Posts

Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

2 days ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

2 days ago
Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

3 days ago
Bitcoin

Bitcoin Under Siege: Support Breakdown Raises Concerns Of Drop To $24,000 – Analyst

3 days ago
Bitcoin

Current Bitcoin Cycle Is Showing A Never-Before-Seen Trend

4 days ago
Bitcoin

Bitcoin Diamond Hands Remain Strong As Supply Hits New ATH

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Polygon (MATIC) and Tron (TRX) Price Prediction: TMS...

    2 hours ago
  • TMS Network (TMSN) Attracts Big Attention Amidst Binance...

    2 hours ago
  • Unveiling Dogetti, Pepe, and Floki – 3...

    3 hours ago
  • Q3 Expectations: Exploring Cosmos, and Caged Beasts In the...

    3 hours ago
  • How Avalanche And Solana Could Help DogeMiyagi Master The...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.