CEZA expects crypto exchange certification to generate $67 million

Posted 12 July, 2018

The Cagayan Economic Zone Authority (CEZA) in the Philippines reportedly intend to get $67 million from the crypto licenses.

As stated CEZA spokesperson, Hong Kong-based Golden Millennial Quickpay Inc. trading platform was the first to receive one of 25 licenses. Applications were submitted by 70 companies in total, with six firms having paid the certification fee.

At present, the main CEZA license costs $360,000 and is valid within 6 months. At the same time, the price for the regular license is $85,000 and can be obtained after full compliance with the management requirements. With such licenses, the authorized companies will be able to issue four more principal certificates. Notably, CEZA also mentioned certain requirements for the trading platforms: at least $1 million investment within a 2-year period and back office in the Philippines. The authority is also said to receive 0.1% from each transaction of the registered platforms.

For reference, the crypto certification in the Philippines was announced back in February, and in April the authority greenlighted crypto business in the special economic area.

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