The Philippines plan to issue crypto exchange licences and earn $67 million on them

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4 months ago
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The Philippine state corporation CEZA, which manages the Cagayan economic zone offering favorable tax policy for its residents, announced that they are planning to issue 25 licenses for cryptoexchanges. The authorities of this region aspire to earn more that $60 million on providing these licences.

To obtain this license, exchanges will have to undergo a thorough verification for reliability, which is intended to confirm that their activities correspond to the current legislation. According to CEZA Director Raul Lambino, every exchange will also have to invest at least $1 million into the Cagayan economic zone within 2 years.

Although the number of licenses is strictly limited, each licensed cryptoexchange, according to Lambino, will be able to issue 20-30 trader/brokerage sub-licenses.