Author: Iris LI
A Filipino cryptocurrency professional named Patrick Palacios called on countries to follow the market-oriented regulation model conducted by Philippines. The Government of Philippine was one of the first authorities to recognize crypto-assets as a form of money and support the development of blockchain and cryptocurrency. The expert said that the Philippines is one of the fastest growing cryptocurrency communities in the world.
Market-oriented Regulations in Philippines’ Economic Zone
The Cagayan Economic Zone Authority (CEZA) will support cryptocurrency businesses and crypto-exchanges in the Philippines with friendly tax policies and regulations from this year.
CEZA is an economic zone in the northern part of the Philippines, which is owned and controlled by the Philippine government and manage both development of the Cagayan Special Economic Zone and Freeport. CEZA will conduct friendly regulations for cryptocurrency investors. Meanwhile, the authority will carefully ensure and monitor crypto companies that plan to launch their Initial Coin Offering (ICO) in the Philippines. These businesses need to register with CEZA and Securities & Exchange Commission. The cryptocurrency exchanges willing to operate in CEZA will have to invest at least US$ 1 million within 2 years. However, these cryptocurrency exchanges are still required to finish all complete verification process by local financial authorities before enjoying these flexible regulations of CEZA.
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