“The Cagayan Economic Zone Authority (CEZA) boasts unparalleled fiscal benefits and an enabling legal structure to its investors, locators are cradled in the most beautiful beaches and vast tracks of nature at its best. So now under the Secretary RAUL LAMBINO who sits concurrently as the Presidential Advisor to Northern Luzon CEZA is in full throttle to offer Digital Technology Advancements and the healthy lifestyle of the tropics. All in one place.”
Mary Rose Magsaysay, Fintech Consultant for CEZA, and Chairman of the Philippine Association for Digital Commerce and Decentralized Industries mentioned that CEZA aims to cover two types of licenses, one Virtual Currency Exchange, and FinTech initiatives.
The Philippine Government permitted ten blockchain and cryptocurrency companies to run in the country, marking a new beginning for the country’s economy.
For every tax breaks each company will receive, they will be expected to generate employment in exchange for the latter. They will also be required by CEZA to invest at least $1 million for over a two-year period, as well as to pay up to $100,000 in the license fee.
After the approval and legalization of blockchain and cryptocurrency companies in the country. A lot of proposals has come to the surface. One of which is the plan of the government to build a hub that would be occupied by the different companies. And along with this is the creation of a university in the economic zone. Where it will focus on topics such as blockchain and financial technology.
The plan was to organize the location of the startup companies and provide them with employees that have the right knowledge and skills.
Along with all these, the Philippine Government is in talk of creating rules that will help regulate cryptocurrency transactions. The main goal of this action is to protect investors and lessen the possibility of fraud. As the regulation includes the distribution and registration of cryptocurrencies.
In order to avoid any violation against the Philippine Law, the companies are advised to do transaction outside the country, like the conversion of money to virtual currency. Especially that the Philippine central bank, who manages cryptocurrency believes that it can be easily misused.