THELOGICALINDIAN - The ascendancy of the Filipino governmentowned bread-and-butter area is drafting regulations for cryptocurrencies and planning to absolute the cardinal of licenses it issues to 25 Other rules accommodate the claim for anniversary crypto barter to advance at atomic US1 actor aural 2 years The ascendancy has reportedly accustomed about 60 applications from crypto companies so far
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Drafting Crypto Regulations
Philippines’ Cagayan Economic Zone Authority (CEZA) is “crafting rules to aegis cryptocurrency investors,” according to the Philippine News Agency, the government’s newswire service.
CEZA is the government-owned and controlled association tasked to administer the development of the Cagayan Special Economic Zone and Freeport. “CEZA is eyeing to become a hub for banking technology (fintech) investments,” the account account wrote.
According to CEO and Administrator Raul Lambino, CEZA “is in the action of crafting regulations that will assure those advance in cryptocurrency.” He said in a account this anniversary that the ascendancy “will abide acrimonious in blockage the equity and candor of companies eyeing to barrage their antecedent bread alms (ICO) in the country. These companies shall be registered with CEZA.”
25 Licenses Only
Originally, CEZA announced that it will acquiesce 10 crypto firms to booty advantage of its tax advantages while breeding employment.
“We are about to authorization 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans,” Lambino told Reuters. “They can go into cryptocurrency mining, antecedent bread offerings, or they can go into exchange.” He elaborated, “the barter of authorization money into basic currency, and carnality versa, should be done adopted to abstain anarchic Philippine regulations,” the account aperture conveyed.
However, during the Global Blockchain Summit aftermost week, Lambino revised that number, advertence that CEZA will absolute its crypto authorization arising to 25. He detailed:
“Although CEZA will alone affair 25 licenses, anniversary barter will accept 20 to 30 sub-licenses for traders and brokers,” Lambino clarified. According to reports, CEZA has already accustomed added than 60 applications.
Preventing Scams
Lambino emphasized that the regulations will not acquiesce Ponzi schemes. He explained that, for any companies with an ICO, “we will accept to find [out] if their ICO is asset-backed,” citation “there are abounding scammers.” He acclaimed that some ICOs “may be able to argue 50 biting investors and affiance them the sun and the moon,” adding:
What do you anticipate of CEZA drafting crypto regulations and licensing 25 exchanges? Let us apperceive in the comments area below.
Images address of Shutterstock and the Philippines government.
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