At the end of last week, the Cagayan Economic Zone Authority (CEZA), owned by the government of the Philippines, publicized the list of all startups that have been granted licenses for setting up virtual exchanges in the country.
17 of the companies received provisional principal licenses, two were granted provisional regular licenses. The former cost $360,000, the latter is worth $85,000.
Besides, license applicants are obliged to have authorized capital stock of half a million USD, whereas $200,000 must be a paid-in capital.
As U.Today reported earlier, that the Philippines are becoming a popular area for setting up crypto exchanges.