The Philippine government for the first time has granted permission to operate cryptocurrency exchanges in the country.
Cagayan Economic Zone Authority (CEZA) is about to issue license to 10 platforms for Blockchain and cryptocurrency companies to operate in the exclusive Economic Zone to take advantage of tax perks while generating employment, Reuters reported.
"They are Japanese, Hong Kong, Malaysians, Koreans. They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange," the news agency quoted CEZA spokesman Raul Lambinos as saying.
CEZA established a fintech hub in the northeastern tip with the aim of creating an Asian "Silicon Valley." CEZA is a state-owned corporation that manages the Cagayan Special Economic Zone and Freeport.
In February, the Philippines had legalized economic zones for doing digital currency business.
Local authorities estimate that in a period of two years, crypto companies will invest more than $1 million, 10 percent of which will go to government coffers as license fees.
The east Asian country is also reportedly planning to establish a blockchain-based financial technology university.
Earlier this month, the Securities and Exchange Commission (SEC) of the Philippines had issued an advisory on cryptocurrency Cloud Mining contracts, demanding that they be classified as securities.
The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has not endorsed the use of cryptocurrencies, citing the risk of its misuse.
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