Philippines Authorities Plan to Make $67 Million on Licensing Crypto Companies
July 12, 2018
Cagayan Economic Zone Authority (CEZA), the regulator in charge of the Cagayan Special Economic Zone, plans to raise $67 million by granting licenses to crypto companies that want to carry out their activities there.
On July 10 Philippine News Agency reported, CEZA granted the first principle license for activity in the Cagayan Special Economic Zone to Hong Kong-based crypto exchange. According to CEZA, there will be 25 principle licenses for crypto trade platforms with each of them thus being authorized to issue four regular licenses. It is still unclear how these licenses differ.
Chief deputy head of CEZA Raymundo Roquero told, principle license will cost $360,000, while regular one just $85,000. That is how they plan to raise about $67 million on it. In addition companies will be obliged to pay 0.1% of each transaction at the platform to CEZA.
As Roquero put it, the Philippines received applications from 70 companies with 6 of them having already paid the fee.
Remember that the Cagayan Zone was formed in February this year. By the terms of licensing all registered companies will have to invest at least $1 million in the country economy and open their office in the Philippines.