Philippines

Philippines Accepts 10 New Crypto Related Companies to Settle Their Operations in the Country

Cryptocurrency and blockchain companies are trying to search new places where to settle their operations. Some countries are more flexible than others are regulations may be more crypto-friendly. Now, Philippines has decided to allow 10 new digital crypto and blockchain companies to operate in its economic zone.

Philippines Attracts Crypto Investments

Ten new companies are settling their operations in Philippines in order to gain tax reductions. The government of the Philippines is trying to increase the number of people employed in the country as well as give an impulse to the economy. Unfortunately, the names of the companies were not given yet. bitcoins 300x169 - Philippines Accepts 10 New Crypto Related Companies to Settle Their Operations in the Country

The companies will be operating in its economic zone after having a license that allows them to operate in this territory. These are the first companies that are allowed to start operating in this economic zone. Moreover, the companies come from different Asian countries and work in different branches of the crypto industry.

Raul Lambino, Chief of the Cagayan Economic Zone Authority (CEZA), explains:

“We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, and Koreans. They can go into cryptocurrency mining, Initial Coin Offerings (ICOs), or they can go into exchange.”

The CEZA is a government corporation that is in charge of supervising and managing the Cagayan special economic zone, where the new enterprises will start operating very soon.

In order to be able to operate in this special economic zone, the companies will have to invest a minimum of $1 million dollars in two years, and pay up to $100,000 dollars in license fees.

In Philippines, the central bank did not authorize the use of digital currencies, due to the fact that they are ‘open to misuse.’

With these new authorizations, the government is trying to improve its economy. The truth is that virtual currencies have demonstrated to bring benefits to the economic outlook of some countries. We can mention Japan; a country which economy has been stagnated the last 20 years. Because of cryptocurrencies, its GDP in 2017 increased 0.3% just because of the effect of digital currencies.

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