Cryptocurrency and ICO news 11.07.2018

Philippines attracts crypto exchanges

The Cagayan Economic Zone Authority (CEZA) of the Philippines has issued provisional licenses to three cryptocurrency exchanges in the economic zone. CEZA expects to attract $3 million of investment following the issuance.

CEZA is a state-owned corporation that controls the Cagayan Special Economic Zone and Freeport operations. It requires the companies to contribute not less than $1 million over two years and pay up to $100,000 in licence fees.

At the formal granting of licenses in Pasay City this Tuesday, Roquero reportedly said that two of the trading platforms were from Hong Kong, and the third was from Thailand.

Under the terms, licenses to be renewed every year, while the fees are “all non-refundable.” 70 companies have already applied to operate in the Cagayan Economic Zone.

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