Philippine Government Grants Crypto Exchange Licenses to 19 Companies
19 Companies Licensed To Operate Crypto Exchanges In The Philippines
The government of the Philippines has granted to nineteen companies licenses to operate crypto exchange businesses in the country. The licenses were delivered by the Cagayan Economic Zone Authority, which has recently published a list of all the companies that get the licenses.
There are two licenses, the Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and the Offshore Virtual Currency (Ovc). 17 companies received principal provisional licenses to act in the country while two of them were issued provisional regular licenses.
Companies with provisional principal licenses, according to the economic authority, can conduct offshore financial technology solutions business activities while the regular ones can do only conduct offshore virtual currency exchange activities.
These companies have to pay to get their licenses, so while the regular license is priced at $85,000 USD, the special ones are at $360,000 USD. These licenses will be valid for only six months and then the companies will have to fully comply with the requirements before they are able to get their final licenses, the secretary of the authority, Catherine Joy Alameda, affirms.
Each exchange needs to invest at least $1 million USD in two years and have an office in the Philippines, as well as have an authorized capital stock of $500,000 USD with a paid-in capital of $200,000 USD.
This is the list of the companies that were licensed with the Ftsovc: Golden Millennial Quickpay, Ultra Precise Investment, Liannet Technology, Rare Earth Asia Technologies Corp., Formosa Financial Holdings, Tanzer Holdings, Asia Premiere International, Orient Express Global, White Ranch Limited, Dragon Empire Developments, Galaxy Plus Developments, Tiger Wheel, Ipe Global, Cr8tiv Solutions Management, Sino-phil Economic Zone Agency Development and Management Corp., Digifin Technologies, and Hong Kong Yuen Shing Hong.
The two companies that received the Ovc licenses were Cezex Trading and Unicorn Venture Investment.
8 More Companies Are Being Reviewed
The authority agency is still reviewing eight more companies that have already paid for the licenses. Six have paid for the provisional principal licenses: Bitventures Inc., Mbex Inc., Idragon Science Development Corp., Seryna Coin Metrics Inc., Lideres Inc., and Cx Tech Pte. Ltd; while two others, Csm Corp. and Birdmouse Co. Ltd. have paid by the regular ones.
About $66.6 million USD will be gained by the authority agency after the first licenses are issued and the organization will also receive 0.1% of the transactions made by the firms.