Philippine is banking on the crypto-currency boom to ensure that the country stays in the crypto-economic boosted zone and 19 provisional exchange licenses issued are tantamount to the fact.
The Philippines has established a Cagayan Economic Zone Authority or Ceza to handle the licensing and authorization process within the country.
Reportedly, out of the 27 companies that applied for the license 19 have been granted the license against a fee of 85 thousand dollars each for a provisional regular license and 365 thousand dollars for a provisional principal license.
The license fee amounts to a total of 6290000 United States dollar. Where 17 provisional principal and two provisional regular licenses were issued as per the Ceza policy.
Philippine government official Catherine Alameda informed the media that companies granted the provisional license will be observed for six months, and compliance with Ceza requirement is necessary to acquire a permanent license.
Furthermore, each exchange is required to bring in over one million dollars within two years of its inception. Another important requirement is to have an office in the Philippines.
Beside the Ceza initiative Philippine government has also been working on a hub club under the title Crypto Valley of Asia. The Philippines aims to create more than twenty thousand jobs in the crypto industry acquiring an earning of over sixty million for the country.
Alameda informed that Ceza expects to earn $66.6 million from the initial 25 licenses. This amount is on top of the per transaction royalty the government will receive from each exchange.