Bitcoin, Cryptocurrency, Regulations

Philippines legalize cryptocurrency operations in economic zone

The Government of Philippines have allowed 10 blockchain and virtual currency companies from Japan, China, Maylasia, Korea to operate in the Cagayan Special Economic Zone and Freeport in the northeastern tip of the Philippines to take advantage of tax incentives while generating employment opportunities for the locals. The CEZA authority requires the companies to invest at least one million USD over two years and pay up to $100,000 in licence fees. The companies can go into cryptocurrency mining, Initial Coin Offerings, even crypto exchanges.

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However, the government warned against any potential cryptocurrency scams. In March, the Philippine’s Securities and Exchange Commission (SEC) issued separate public warnings against two online digital platforms suspected of running scams.

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