Philippines legalize the work of crypto-currency companies in the SEZ of Kahana

According to Reuters, the Philippine government legalized the work of 10 of the cryptocurrency and blockchain-companies controlled by the government of the Special Economic Zone of Kahana (CEZA), located in the vicinity of a number of countries such as Hong Kong, China and Taiwan.

«The government aims to give cryptocurrency companies the opportunity to work in the economic zone, favorable tax, which will create jobs in this region», told Reuters the head of Department of the Special economic zone of Kahana lambino Raul, (Raul Lambino).

«We’re going to license 10 cryptocurrency exchanges. This is the Japanese, Hong Kong, Malaysian and Korean sites. They can do cryptocurrency mining, ICO to carry out or to provide foreign exchange services,» says Lambino.

However there is a caveat. Any exchange of Fiat currency to crypto-currencies or Vice versa must be performed outside the Philippines in order not to violate the laws of the country.

To help create jobs in these companies, according to Lambino, the regulator of the economic zone is also considering the possibility of establishing in the economic zone of the new financial technological University with a particular focus on the technology of the blockchain.

In February CEZA has released new rules that allow cryptocurrency companies to legally establish offices and facilities in a special zone. To obtain a license, companies must invest in an area of not less than $ 1 million within two years and to pay up to $ 100,000 for license fees.

Meanwhile, the Central Bank of the Philippines considers applications dozen operators that want to register and run a cryptocurrency exchange in the country since December last year. It is unclear whether these operators the opportunity to register in the economic zone.

The Philippines became one of the first countries in the world, started to regulate cryptocurrency exchanges in early 2017. Deputy Director of the Central Bank in October 2017, said that he welcomes «innovative regulation» and called cryptocurrency «quick and easy».

 

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