Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines surpassed traditional financial platforms in both customer activity and popularity during 2018, so far.
As CCN reported yesterday, the Cagayan Economic Zone Authority (CEZA), a government-supported economic center in the north of the Philippines, will embrace up to 25 cryptocurrency exchange platforms and operators which will enjoy friendly crypto regulations and fiscal policies.
In order to work within CEZA, cryptocurrency exchanges will be subjected to a stringent and thorough check conducted by local financial authorities and CEZA before they receive any regulatory benefits. The Director of CEZA, Raul Lambino, highlighted that exchanges inside the before-mentioned economic center would have to prove their potential to invest a minimum of $1 million within CEZA and to construct new offices in the region.
We do not want the Philippines to be a haven for scammers, even if these scams are taking place abroad. So, through our integrity and probity control, we can determine if your transactions are designed to attract unsuspecting people to invest in Bitcoin or any other cryptographic currency that is a fraud.
Raul Lambino, Director of CEZA
Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines outperformed traditional financial platforms
Among the first governments in the world to describe cryptocurrency as a real form of money, be it digital, there was the Philippines Government which even legitimated the crypto sector within the country. On the same page with its government, the Philippines Central Bank stressed out back then that, although it’s not its intention to invest or use Bitcoin (BTC) or other cryptocurrencies, they recognize cryptos as digital money and as a method of digital payments.
From then on, regional startups, Coins.ph, for instance, have grown to become part of the significant cryptocurrency exchange platforms and cryptocurrency-related enterprises in Asia.
Coins.ph, Rebit, Bitbit, BuyBitcoin, Keza, Prepaid Bitcoin and Bitmarket.ph are just a few of the numerous cryptocurrency exchange platforms and cryptocurrency-related companies that have prospered in the blockchain sector in the Philippines.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.