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Philippine Special Economic Zone Licenses 3 Crypto Exchanges

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A Special Economic Zone in the Philippines has granted for the first time licenses to three cryptocurrency exchanges to operate there.

Hong Kong-based Golden Millennial Quickpay Inc. Ltd. (GMQ) is set to launch its cryptocurrency exchange and financial technology solutions business in the Philippines after securing its license from Cagayan Economic Zone Authority (CEZA). The other two are - one from Hong Kong and the other from Bangkok, Thailand.

These offshore companies have committed to make investment of $1 million each," Roquero said.

They are expected to hire around 5000 personnel, particularly blockchain programmers, for technical support and to give trainings on blockchain technology.

The fintech startup firms will begin their operations in Manila first because they have yet to build their facilities in Cagayan.

CEZA will issue license to 25 fintech companies to do business in the region in the current the year, and the agency is expecting to generate PHP 3.6 billion ($0.67 billion) worth of investments, according to CEZA Senior Deputy Administrator Raymundo T. Roquero.

The agency has so far received more than 70 applications, he said.

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