0
📰 News
114 views

Philippines Say Yes to Crypto Trade As Crypto Exchanges Receive Operation Licenses

  • Yuri Molchan
    📰 News

    The three exchanges had to make large investments and provide jobs for locals


Philippines Say Yes to Crypto Trade As Crypto Exchanges Receive Operation Licenses

Recently the Philippines Cagayan Economic Zone Authority (CEZA) officially announced licensing these companies. One of them is from Thailand and the other two are Hong-Kong-based.

Each of these offshore platforms had to invest in the country’s economy $1 mln each.

Where the money goes

Raymundo T. Roquero, one of the CEZA administration, told journalists that the Hong-Kong located exchange Golden Millennial Quickplay Inc. (GMQ) plans to build here its infrastructure and will have an incubation period of two years before they are allowed to launch in Manila.

Together the exchanges add $3 mln of investments into the local area, namely to the city of Sta. Ana. in Manila. Currently, this is the area of primary development. The country plans to make profits trading with APEC and also do international trade.

👉MUST READ

Bitcoin price, Crypto Trading, Cryptocurrency Market

Bitcoin price, Crypto Trading, Cryptocurrency Market

Obligatory checks

The exchanges must renew their licenses every year. Besides, all exchanges are going to be checked for probity and application programming integration. Each procedure costs $100,000. These fees are non-refundable.

All in all, around 70 exchanges have applied for a license to operate in this area. Apparently, they are all so eager, since the Philippines authorities are the first to provide regulations for the virtual asset market.

👉MUST READ

Crypto Trading Legend MasterLuc: “You Can Visit Cemetery of Dead Alts, Won’t Find Bitcoin There”

Crypto Trading Legend MasterLuc: “You Can Visit Cemetery of Dead Alts, Won’t Find Bitcoin There”

Cover image via u.today
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings