Philippines announces plans to regulate and license 25 crypto and cryptocurrency exchanges
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Answer Philippines announces plans to regulate and license 25 crypto and cryptocurrency exchanges
The authority of Cagayan Province, the most prominent economic region in the Philippines, announced that it has taken the first steps to adopt the world of cryptocurrency.
The region will start regulating and licensing 25 cryptocurrency trading platforms, especially that the issuance of such licenses will add optimal legitimacy to cryptocurrency trading, and that the laws governing this trade will be very strict, which is a step for growth in the crypto world.
It also added that it will ask each exchange to invest at least one million dollars over two years, which is not a large and realistic number to create a digital currency trading platform, nor is it difficult, given that there are many investors wishing to invest in the world of bitcoin and the rest of the cryptocurrencies.Read:Bitcoin rebounds to the $20,000 level and Ethereum is back to the $1,000 level
Despite the strict laws imposed by the Philippine government on investment licenses, the licenses will be issued to all those wishing without any obstacles or incapacitating requirements, and this comes from its plans to become a center for financial technology not only in Asia, but the entire world.
The president of Cagayan Economic Zone expressed the objectives of this by saying, “We do not want the Philippines to be a haven for fraudsters even if this scam is happening abroad, and this reason is to ensure our integrity as a country and government and we can determine whether these currencies are designed only for hacking and fraud or for honest natural investment ”
The authorities also called on all cryptocurrency projects wishing to offer the initial coin (ICO) to start obtaining licenses in the coming days and obtain a license and certificate called an investor, and also for their currencies to be in a state of greater safety.
The Cagayan Economic Zone has received many correspondences from various crypto companies requesting work as the region is special for money and investment, but it seems that most of them were refused to close the door on money laundering or tax evasion, until legislation and regulations are issued about the industry.Read:attention! Withdraw your funds from the CoinExchange platform before May 30, 2021
The head of the Cagayan Economic Zone expressed that they are about to finalize the procedures for licensing 10 trading platforms coming from different countries. And that the most advanced countries for these requests are from the regions of Malaysia, Japan, South Korea, China and Hong Kong.
The Philippines thus joins the list of countries that are slowly and steadily adopting digital and cryptocurrency regulations. The list includes: Thailand, South Korea, the United Arab Emirates and the United States of America which started to direct with respect to Ethereum and Bitcoin. Once the global regulations are completed, investors will be able to trade and invest in the field of digital currencies on a larger and regulated scale.
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