The Office of the Special Economic Zone of the Cagayan Province (CEZA) in the Philippines has issued 19 temporary licenses for cryptocurrency exchanges.
CEZA has published a list of companies that have received both types of licenses: to work in the field of financial technologies and to conduct offshore operations with virtual currencies (FTSOVC) and only to work with virtual currencies (OVC). In addition, the management named 8 more companies that paid the fee and submitted applications, which are pending for now.
CEZA companies that received temporary approval: 17 companies became FTSOVC licensed, two: OVC. Earlier it was reported that the fee for the first is $360 thousand, the second is $85 thousand. In total, CEZA is planning to issue only 25 FTSOVC licenses, and the total amount of revenues of the zone’s administration from licensing of crypto companies should be about $67 million.
CEZA license is valid for 6 months, during which the company must show full compliance with the established rules. After the compliance period, companies can receive permanent approval. It is known that applicants for a CEZA license must have an office in the Philippines, a share capital of $500,000 and invest at least $1 million over two years. In April, the administration of the zone was going to limit itself to 10 licenses
FTSOVC.
According to a CEZA report, FTSOVC was received by following companies: Golden Millennial Quickpay, Ultra Precise Investment, Liannet Technology, Rare Earth Asia Technologies Corp., Formosa Financial Holdings, Tanzer Holdings, Asia Premiere International, Orient Express Global, White Ranch Limited, Dragon Empire Developments, Galaxy Plus Developments, Tiger Wheel, Ipe Global, Cr8tiv Solutions, Sino-Phil, and Hong Kong Yuen Shing Hong. OVC was granted to Cezex Trading, Pte. Ltd., and Unicorn Venture Investment Ltd.
Recall that the Philippines Securities and Stock Market Commission plans to develop and implement cryptocurrency regulation rules by the end of this year.
