The Philippines may see the appearance of 10 blockchain and crypto exchanges. With the permission of the local authorities, the new companies will be able to run business in the Cagayan Economic Zone.
According to the news reports, this is the first time when blockchain and crypto companies will get legal approval for business in the country. Such position of the local authorities can be explained by the creation of the fintech hub by the state-owned Cagayan Economic Zone Authority. Specifically, the new economic area is believed to become an Asian "Silicon Valley".
"We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, ICO or they can go into the exchange," commented CEZA CEO Raul Lambino. He also added that crypto-fiat and v.v. transactions will be subject to offshore activities given the current law in the country, as reported Reuters.
The new companies are to provide new jobs for their tax breaks. Moreover, they will have to make investments over $1 million over a 2-year period and pay up to $100,000 in license fees.