The Cagayan Economic Zone Authority (CEZA) of the Philippines has issued provisional licenses to three cryptocurrency exchanges in the economic zone, the Manila Times reported July 10. 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. In April, the Philippine government announced it will allow 10 blockchain and cryptocurrency companies to operate in the economic zone to create jobs and stimulate the economy. CEZA also requires the companies to contribute not less than $1 million over two years and pay up to $100,000 in licence fees. Raymundo T. Roquero, CEZA deputy administrator for planning, business development and planning, explained:
“When they apply, they will pay an application fee of $100,000 (P5.35 million) [and a] license fee of $100,000. Then you go into probity checks, then application programming integration (API), which costs an additional $100,000.”