Third Crypto Exchange License Issued In Philippines

Jul 27, 2018 at 05:46 Update Date :Jul 27, 2018 at 05:46 UTC

On Thursday, Cagayan Export Zone Authority (CEZA), an economic Freeport zone located in the north of Philippines, issued an offshore virtual currency (FTSOVC) provisional principal license to the subsidiary of Apsaras Group, Hong Kong-based Liannet Technology Ltd.

Raul Lambino, the administrator, and the CEO of CEZA stated that his dream of revolutionising the Philippines like an Asian counterpart of Silicon Valley has taken another step forward.

“Twelve of the 17 other FinTech and offshore virtual currency firms that have fully paid their application and license fees are waiting in line, 19 of the 36 offshore firms are expected to follow suit,” he said.

Moreover, he stated that the FinTech and the blockchain project in CEZA would help in creating an estimated 20,000 jobs after his office accredited the qualified FinTech companies with 25 principal companies.

Raul added that these vacancies would be filled by highly-skilled information technology (IT) talents while the rest is expected to be suitable for managerial and highly-technical positions.

The first FinTech company to be granted an FTSOVC by CEZA was Hong Kong-based Golden Millennial Quickpay Inc., followed by Bangkok based Ultra Precise Investments Ltd., and now Liannet.

During the Ambertime International Blockchain Summit, held in Mandaluyong City, the president of Apsaras Group, Li Jian thanked the agency stating,

“We are confident that the CZC Exchange will be able to contribute to the development of CEZA and to serve people who believe in blockchain technology and cryptocurrency”. He also stated his company’s interest in working with the agency to fulfill its dreams.

Raul stated that the blockchain market is beyond just cryptocurrency trading.

Previously, Lambino had said that the rising interest in cryptocurrencies and other FinTech solutions has helped the agency in earning remarkable revenue, rising by around 52% in the second quarter.

Raul Lambino also stated that the unparalleled interest by firms in different FinTech solutions and trading of digital currencies, willing to locate at Cagayan Special Economic Zone has been beyond expectations.

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