Philippine Government Has Granted 19 Firms License To Operate Cryptocurrency Exchange In Its Economic Zone

Provisional license to operate cryptocurrency exchange has been granted to 19 firms by the Philippine government-owned Cagayan economic zone authority. Out of a total of 27 companies that have been listed, eight firms have paid application fees and are being reviewed.
A publication of The Philippine government-owned Cagayan Economic Zone Authority (Ceza) recently listed firms that have been issued Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and Offshore Virtual Currency (OVC) licenses. The list was also inclusive of those that have paid license fees.
The release reveals that a total number of 19 companies have received a provisional license and 17 were issued provisional principal licenses while two obtained provisional regular license as at October 12.
According to CEZA, the provisional principal licenses to conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities while the provisional regular licenses enable performing offshore virtual currency exchange activities.
The cost of obtaining A principal license for Ftsovc operation under Ceza as noted by the Philippine news agency earlier is USD360,000, and a regular license costs USD85,000.
Also, according to the Ceza Corporate Board Secretary, Catherine Joy Alameda, provisional licenses are valid for six months as she explained in July, and for a company to acquire its permanent license the requirements of CEZA must be met. This requires licensees who must have authorized capital stock of $500,000 with paid-in capital of $200,000. Another requirement is for each exchange to invest at least USD 1 million in a period of two years and must have put up a back office in the Philippines.
The list of the 17 firms that have obtained the Ftsovc provisional principal licenses consists of 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 Management, Sino-Phil Economic Zone Agency Development and Management Corp., Digifin Technologies, and Hong Kong Yuen Shing Hong.
Two firms that obtained the OVC provisional regular licenses consists of Cezex Trading Pte. Ltd. and Unicorn Venture Investment Ltd.
Also, eight firms are under the review of CEZA and have already paid the fees for the two type of licenses. Bitventures Inc., Mbex Inc., Idragon Science Development Corp., Seryna Coin Metrics Inc., Lideres Inc., and Cx Tech Pte. Ltd is being reviewed for the provisional principal licenses while Csm Corp. and Birdmouse Co. Ltd., are being reviewed for provisional regular licenses.
The licensing aims at proper regulations for crypto industry in the country create job opportunities as well as the generation of revenue for the government.