The Cagayan Economic Zone Authority (CEZA) has issued provisional licenses to three cryptocurrency exchanges, anticipating investments of at least $3 million.
CEZA's Crypto Licensing Initiative
CEZA, a state-run corporation overseeing the Cagayan Economic Zone and Freeport, awarded licenses to offshore platforms—two from Hong Kong and one from Thailand. This follows the Philippine government’s April announcement permitting 10 blockchain and crypto firms to operate in the zone to boost employment and economic growth.
Key Requirements for Licensees:
- Minimum Investment: $1 million per company.
Fees:
- $100,000 application fee (non-refundable).
- $100,000 licensing fee.
- Additional $100,000 for API integration.
- Community Contribution: At least $1 million in donations over two years.
Raymundo T. Roquero, CEZA Deputy Administrator, emphasized the zone’s appeal:
"We’re the first to establish rules for cryptocurrencies, attracting 70 applicants so far."
Regulatory Context
Earlier in July, the Bangko Sentral ng Pilipinas (BSP) accredited two crypto exchanges:
- Virtual Currency Philippines, Inc.
- ETranss.
These platforms can legally convert Philippine pesos (PHP) to virtual currencies, reinforcing the country’s crypto-friendly stance.
FAQs
Q1: Why did CEZA issue these licenses?
A: To attract foreign investment and position the Philippines as a hub for crypto innovation.
Q2: What are the costs for license applicants?
A: $300,000 total ($100K application + $100K license + $100K API integration).
Q3: How long is the license valid?
A: One year, requiring annual renewal with non-refundable fees.
👉 Explore crypto opportunities in regulated zones
Q4: Can licensed exchanges operate nationwide?
A: No—initially limited to CEZA, with a two-year incubation period for expansion.
Q5: How does this compare to BSP’s approvals?
A: BSP-accredited exchanges handle PHP-to-crypto conversions, while CEZA focuses on offshore trading platforms.
Keywords: Philippines crypto license, CEZA, cryptocurrency exchanges, Hong Kong crypto firms, Thailand crypto platform, BSP regulations, blockchain investment
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