Crypto investments turn Philippine economic zone around
The Cagayan Economic one Authority (CEZA) in the Philippines has doubled revenues in 2018, after promoting itself as a cryptocurrency-friendly hub.
The Cagayan Economic one Authority (CEZA) in the Philippines has doubled revenues in 2018, after promoting itself as a cryptocurrency-friendly hub.
CEZA, which operates the Philippine government-owned Cagayan Special Economic Zone (CSEZ), expects to receive as much as $68 million in licensing revenue, with 17 firms already having paid in full to be licensed to operate cryptocurrency businesses there.
The Cagayan Economic Zone Authority has granted provisional licenses to three cryptocurrency exchanges, in a move that is expected to lead to investment of up to $3 million for the country.
CEZA plans to limit the issuance of its licenses to 25, although each license holder can have 20-30 sub-licenses for traders and brokers.
The Philippine government is opening the Cagayan Special Economic Zone to allow cryptocurrency and blockchain operators “to take advantage of tax perks while generating employment.”