Business 16 October 2018Dennis Wafula
19 crypto exchanges secure provisional license in Philippines’ economic zone
The number of companies that have been granted provisional licenses by the Cagayan Economic Zone Authority (CEZA), which operates the Philippine government-owned Cagayan Special Economic Zone (CSEZ), has jumped to 19.
Last week, CEZA published a list of firms that have been issued with Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) licenses and the Offshore Virtual Currency (OVC) licenses. The list also contains names of companies who have paid the applicator fees and are still being reviewed.
According to the publication, a total of 19 companies have been awarded the provisional license. Of that number, 17 were issued with provisional principal licenses while two were given provisional regular licenses. Companies holding the provisional principal license can “conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities,” while those with provisional regular license can only offer offshore virtual currency exchange services.
The 17 companies with the Ftsovc provisional principal licenses include Tiger Wheel, Golden Millennial Quickpay, Hong Kong Yuen Shing Hong, Ultra-Precise Investment, Digifin Technologies, Liannet Technology, Rare Earth Asia Technologies Corp., Formosa Financial Holdings, Cr8tiv Solutions Management, Sino-Phil Economic Zone Agency Development, Tanzer Holdings, Asia Premiere International, Ipe Global, Orient Express Global, White Ranch Limited, Dragon Empire Developments, and Galaxy Plus Developments.
The two companies’ awarded with the Ovc licenses were Unicorn Venture Investment Ltd and Cezex Trading Pte. Ltd.
Companies awarded with the principal license for Ftsovc had to pay $360,000 while those awarded with the regular licenses had to pay $85,000, CEZA previously stated. The awarded licenses will be valid for the next six months. Companies that require permanent licenses will have to prove to the authority that they are in compliance with Philippine laws.
While speaking to reporters in July, CEZA Board Secretary Catherine Joy Alameda explained that the licensees must have authorized capital stock of $500,000 with paid-in capital of $200,000. In addition to this, the companies should invest at least $1 million in a period of two years in the country. They should also set up a back office in the Philippines.
In addition to the 19 companies, CEZA publication also included seight companies that are still under review. From the eight, six are being reviewed for provisional principal licenses while two are being reviewed for provisional regular licenses.
In July, CEZA granted provisional licenses to three cryptocurrency exchanges. The authority has been taking measures to create a legal framework in which crypto related business can operate.
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