Philippines delivered 19 licenses to exchanges

The Authority of the Economic Zone of Cagayan (CEZA) granted permits to several companies to work with cryptocurrencies

On Wednesday, the Cageyan Economic Zone Authority (CEZA) granted licenses to 19 companies to operate with cryptocurrencies in the Philippines.

In the recently published list, companies like Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and Offshore Virtual Currency (Ovc) stand out, as well as others that have already canceled the necessary quota and are waiting for approval.

Currently, there are at least 17 firms related to cryptocurrencies and blockchain that are already authorized to operate provisionally under these mechanisms.

“Provisional regular licenses only allow companies to conduct offshore virtual currency exchange operations“, CEZA said.

Approximately, the startups paid between 85 thousand and 360 thousand dollars for the acquisition of these permits. Likewise, it should be noted that these provisional licenses are valid for six months. Another requirement is to have at least $ 500,000 of base capital and $ 200,000 in paid-in capital.

K. Tovar

Source: Coincrispy

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