The Philippine Cagayan Economic Zone issued Licenses to Three Cryptoсurrency Companies

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The authorities of the Cagayan Economic Zone (CEZA) of the Philippines reported that three crypto-exchange companies received temporary licenses for work in the economic zone. The statement was published in the Manila Times on July 10. It is reported that CEZA intends to raise about $ 3 million.

CEZA is a state corporation that provides control over the Cagayan Special Economic Zone and Freeport operations. Earlier, the Philippine government announced its intention to grant work permits in the economic zone to 10 crypto-currency companies. According to the government, this will create new jobs and develop the economy. Also, companies will have to pay $ 1,000,000 to CEZA and pay royalties of $ 100,000 for 2 years. A representative of CEZA, Raymundo T. Roquero said:

“When they apply, they will pay an application fee of $100,000 (P5.35 million) [and a] license fee of $100,000. Then you go into probity checks, then application programming integration (API), which costs an additional $100,000.”

Rockero, also, said that of the three companies that received the license, 2 are located in Hong Kong, and the third – in Thailand. Moreover, he noted that the applications of other companies were also approved, but the relevant documents are not yet ready:

“These are offshore companies, and they have committed investments of $1 million (P534.6 million) each. GMQ intends to build [its] infrastructure in Sta. Ana, Cagayan…and will have an incubation period of two years, so they are already allowed to operate here in Manila.”

In accordance with the requirements, companies must update licenses annually. According to the submitted data, 70 companies applied for a license in CEZA. According to Rocero, such activity is due to the presence of an adjustable space.

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