Interest Spikes in Philippines Special Crypto Zone
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CEZA licenses for crypto business operations in the Cagayan special economic zone are in high demand, 17 of them are already paid and 19 are pending payment.
While the rest of the world is being tough on cryptocurrencies, the Philippines is making strides to give the sector as much room to grow as it can within the special economic zone in Cagayan.
In many countries around the globe, regulators are trying their level best to govern the market within legal frameworks.
As a contrast to this restrictive approach, the Philippines has sought a way to regulate the emerging market effectively so as not to stifle growth. Through the creation of a region with less stringent restrictions on the crypto industry, the government achieves several benefits.
Benefits to the Philippine Crypto Industry
Foremost, within a special economic zone, the government is better able to monitor the industry’s progress. This in turn makes it possible to acquire requisite knowledge before drafting new legislations for the space.
Notably also, a free economic zone allows operators to explore and experiment business establishment and innovation models without any hindrance.
As such, these combined merits make it possible to create a flourishing crypto ecosystem without hurting the traditional economy and the country’s population.
The Cagayan Economic Zone Authority (CEZA), a Philippine government corporation is in charge of the special region. Since the inception of the project, the authority has registered significant interest from entrepreneurs in the industry.
Companies from all corners of the globe are flocking to the region looking to take advantage of the competitive rates and reasonable regulations.
A CEZA insider in fact says that the level of interest has “
surpassed all our expectations”. At least 17 firms have made full payment for the license while 19 more are working on their payment. CEZA expects to make more than $68 million from license issuances alone.