{"id":5326,"date":"2018-04-29T00:00:00","date_gmt":"2018-04-29T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/04\/29\/the-philippines-exchanges-in-its-special-economic-zone\/"},"modified":"2018-04-29T00:00:00","modified_gmt":"2018-04-29T00:00:00","slug":"the-philippines-exchanges-in-its-special-economic-zone","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/the-philippines-exchanges-in-its-special-economic-zone\/","title":{"rendered":"The Philippines legalizes exchanges in its special economic zone"},"content":{"rendered":"
10 Cryptocurrency-related companies will benefit from a new legal framework that would allow them to operate in a special economic zone, in the Phillipines.<\/p>\n
The government of that country is willing to support these fintech companies by granting them entry to the special economic zone managed by the Cagayan Economic Zone Authority<\/strong> (CEZA), and which locates within an hour\u2019s flight away from Hong Kong, China, and Taiwan.<\/p>\n Within the aforementioned area, the startups will be allowed to operate crypto-exchanges, run initial coin offerings (ICOs) and engage in crypto-mining, as per the chief of the CEZA Raul Lambino. \u201cWe are about to license 10 platforms for cryptocurrency exchange<\/a>. They are Japanese, Hong Kong, Malaysians, Koreans,\u201d<\/strong>.<\/p>\n They will also benefit from special taxes that would help generate employment opportunities for local people. Lambino added that a fintech university aimed to blockchain technology could be established in the economic zone, which would aid them to offer more jobs.<\/strong><\/p>\n However, the regulator stated that any form of trading between fiat and crypto or vice-versa should be done beyond the country\u2019s borders<\/strong>, in order to avoid infringing local regulations.<\/p>\n <\/p>\n In February, the CEZA introduced a new legal framework that enables crypto-companies to set up offices and facilities in that special zone. As part of the process to operate within, they would have to invest 717,648 pounds \u2013 or $ 1 million \u2013 over the course of two years, and pay up to $100,000 in licensing fees.<\/p>\n