THELOGICALINDIAN - Nineteen firms accept been accepted conditional licenses to accomplish crypto exchanges by the Philippine governmentowned Cagayan Economic Zone Authority In accession eight firms accept paid the appliance fees and are actuality advised A account of all 27 companies has been published
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Provisional Licenses Issued
The Philippine government-owned Cagayan Economic Zone Authority (Ceza) on Friday appear a account of all companies that accept been issued Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and Offshore Virtual Currency (Ovc) licenses as able-bodied as those that accept paid the appliance fees and are actuality reviewed.
As of Oct. 12, a absolute of 19 companies accept accustomed conditional licenses — 17 were issued conditional arch licenses while two were issued conditional approved licenses. Ceza detailed:
The Philippine Account Agency ahead acclaimed that “A arch authorization for Ftsovc operation beneath Ceza is priced [at] USD360,000, while a approved authorization is at USD85,000.”
Ceza Corporate Board Secretary Catherine Joy Alameda explained in July that conditional licenses are accurate for six months. A aggregation “will be able to access its abiding authorization back it is able to absolutely accede with the requirements of Ceza,” she described.
Licensees charge accept accustomed basic banal of $500,000 with paid-in basic of $200,000. Furthermore, Ceza “requires anniversary cryptocurrency barter to advance at atomic USD1 actor in a aeon of two years and charge put up a aback appointment in the Philippines,” the account bureau wrote.
The 19 Licensees
The 17 companies that accept been accepted Ftsovc conditional arch licenses are 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.
The two recipients of Ovc conditional approved licenses are Cezex Trading Pte. Ltd. and Unicorn Venture Investment Ltd.
8 Firms Being Reviewed
Ceza is additionally currently reviewing eight companies that accept already paid the appliance fees for the two types of licenses.
Six companies actuality advised for conditional arch licenses are Bitventures Inc., Mbex Inc., Idragon Science Development Corp., Seryna Coin Metrics Inc., Lideres Inc., and Cx Tech Pte. Ltd.
Two companies, Csm Corp. and Birdmouse Co. Ltd., are actuality advised for conditional approved licenses.
In July, Ceza appear that “about 20,000 jobs in banking technology (fintech) will accessible up as anon as it awards the antecedent 25 arch licenses to be fabricated accessible to able fintech companies,” the Philippine News Agency wrote, elaborating:
In August, Ceza partnered with Northern Star Gaming and Resorts Inc. to advance a crypto and fintech hub alleged Crypto Valley of Asia.
What do you anticipate of Ceza licensing all these companies to accomplish crypto exchanges? Let us apperceive in the comments area below.
Images address of Shutterstock and Ceza.
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