The authority that governs the Philippines Cagayan Special Economic Zone and Freeport is aiming to earn $67 million just by issuing cryptocurrency exchange licenses.
According to a report from the country’s government news agency on Tuesday, the Cagayan Economic Zone Authority (CEZA) has announced it has just granted a principle operation license to a Hong Kong-based crypto exchange.
The CEZA said the new issuance is part of the total 25 principle licenses it will hand out to crypto trading platforms. And each of those authorized companies will be allowed to further issue at least four regular licenses, according to the report.
The agency’s senior deputy administrator, Raymundo Roquero, said that the CEZA charges $360,000 for a principle license and $85,000 for a regular one, but the report does not further clarify the main differences between these two types of licenses.
Through the tiered exchange licensing model, Roquero said that the authority expects to make a profit of 3.6 billion pesos, or around $67 million.
In addition to the one-off licensing fee, approved exchanges are also required to pay the CEZA 0.1 percent of the value of each transaction that happens on their platforms, the report said.
Roquero indicated that the CEZA has received 70 applications so far and will issue more licenses in the coming months since six of the applicants have already paid the licensing fee.
As part of the license’s requirement, crypto exchanges registered in the special economic zone must also locally invest at least $1 million within two years, and have a back office in the Philippines, the report said.
As previously reported by CoinDesk, the Philippines released a guideline for bitcoin exchanges in early 2017, but received little interest in the time since. The country’s central bank granted the first crypto exchange licenses to two local platforms in August of last year.
Philippines peso image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
My brother suggested I might like this blog. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!
latoja膠原蛋白凍齡瓶 全方位呵護你的美麗與健康除了補水，還做其他的護膚功課嗎？ LATOJA膠原蛋白凍齡瓶 全方位呵護你的美麗與健，除了補水，還做其他的護膚功課嗎？ 大概很多人會覺得，只要用了護膚品，肌膚就會好的像嬰兒肌一樣。 經常會收到後台的留言：為什麼我用了精華露皺紋好像沒有少？斑也沒有變淡？ 親愛的，我只想問你，你用了幾瓶精華露了？一瓶還是兩瓶？ 一天還是一年？面膜每天都做了嗎？ 除了補水，還做其他的護膚功課嗎？ 肌膚變白，斑點變淡，皺紋減少，可不是一朝一夕就能做到的！ 所以，保養肌膚貴在堅持，當你堅持半年一年之後， 你就會發現與同齡人的區別，即使當你40歲，你的肌膚年齡依然停留在30歲左右。
Championship side MK Dons have signed West Ham United youngster Diego Poyet on a season-long loan. The 20-year-old has featured five times for Slaven Bilic’s side this season. West Ham midfielder Diego Poyet agrees season-long loan deal with MK Dons
Managers can show the videos to coaches and subs. But they will only be able to relay tactical findings to players on the pitch via instructions, as showing them videos could disrupt the game. Premier League managers allowed to watch replays in dugouts as FA relaxes rules on mobile devices… but those who abuse system will be sent off
Crystal Palace chairman Steve Parish has suggested a single Premier League match could rake in television revenue of up to £500million in the coming seasons. Premier League TV revenue can exceed £500m per match in future, says Crystal Palace chairman Steve Parish
… [Trackback]
[…] Information on that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Find More Info here on that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Read More Info here on that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Info on that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Read More to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Find More to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Read More Information here to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Here you will find 99130 additional Info to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Here you will find 69976 additional Information to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Find More to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Information on that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]
… [Trackback]
[…] Information to that Topic: tradingbtc.com/2018/07/11/philippines-regulator-aims-to-make-67-million-from-crypto-exchange-licensing/ […]