Philippine Crypto Regulation. Unlike the Thai government, the Philippine government chose to take a different approach on crypto regulation. Dated June 26, through the CEZA (Cagayan Economic Zone Authority), announced that there will be only 25 licenses to be issued by the government.
25 permits issued by the Philippine authority apply to the crypto market, Mining Farm, ICO, or any other crypto entity operating in that country. The move was taken as a precautionary measure to protect investors from potential fraud and scams.
While related to the requirements that must be met, crypto exchanges must have a minimum investment value of USD 1 million in a period of 2 years. Another requirement is to have an office in the Philippines, registered with the Philippine Securities and Exchange Commission, and pay USD 100,000 for its permission. As compensation, the entity that pocketed the permit and complied with the requirements is entitled to a tax break from the Philippine government.
Commenting on Reuter, Raul Lambino of CEZA, "We will give 10 permits for crypto exchanges from Japan, Hongkong, Malaysia and Korea. They can be crypto mining, ICO, or crypto exchanges. Fiat money exchange to crypto or vice versa should be done overseas so as not to violate the regulations in the Philippines, "he explained.
Related to the prevention of fraud and scam, Lambino added, "Currently still in the process of formulating regulations that can provide protection of investment cryptocurrency," he said. In this case, CEZA acts as a hub associated with the investment of the world of financial technology.
Regulations to provide protection against potential fraud and scam are more emphasis on not allowing ponzi schemes. The potential is generally well known from the ICO project. Lambino himself considers the ICO project a lot of fraudsters. According to Lambino, there are many scammers that operate and are associated with crypto exchanges with capital and small market capitalization. "We do not want the Philippines to be a haven for fraudsters, as well as schemes of fraud originating from abroad", he stressed@BPI
