MANILA: Zone Authority (CEZA) which operates the economic zone, said, “We are about to license ten platforms for cryptocurrency exchange.”
Companies inside economic zones can be involved in any aspect of cryptocurrency business, including commercial mining, providing blockchain technology-based financial services and hosting Initial Coin Offerings. Companies operating a cryptocurrency exchange, however, will be forced to trade the fiat into digital currency at an offshore location to comply with the new regulation.
CEZA first began drafting rules for blockchain and cryptocurrency companies in February 2018. Prior to that, technology businesses and startups that wanted to apply for a license to work in economic zones had to show plans to invest at least $1 million within two years and pay up to $100,000 annually as licensing fees.
The authority is a government-owned and controlled corporation tasked with the management of the Cagayan Economic Zone.