Crypto Regulations Take Different Approaches, Philippines

In contrast to the Government of Thailand, the Philippine Government chose take a different approach on the regulation of crypto. Dated 26 June, through CEZA (Cagayan Economic Zone Authority), announced there will only be 25 licenses will be issued the ruling.

25 licenses issued by Philippine authorities that apply to the Exchange, crypto, Mining Farm, ICO, or any other entity in the crypto that operate in the country. The step was taken as a precautionary step to protect investors from potential fraud and scam.

While related to the requirements that must be met, crypto exchanges must have minimum investment value of USD 1 million within two years. The other requirements is a must have offices in the Philippines, registered with the Securities and Exchange Commission of the Philippines, and pay USD 100,000 for perijinannya. As compensation, the entity who pocketed a permit and comply with these requirements is entitled to tax relief from the Government of the Philippines.

Comment on Reuter, Raul Lambino CEZA's side, "we will be giving 10 licenses for stock-exchange crypto from Japan, Hong Kong, Malaysia, and Korea. They can be shaped as a crypto-mining, ICO, or crypto exchanges. Exchange of fiat money to crypto or otherwise must be done abroad in order not to violate the rule in the Philippines, "he explained.

Related to the fraud and scam prevention efforts, Lambino added, "currently in the process of drafting regulations that could provide investment protection cryptocurrency," he said. In this case, CEZA acts as a hub that's associated with the investment world financial technology.