The Philippines announced that it will allow ten companies to use cryptocurrency in a special economic zone located in Cagayan.
– The said companies will be allowed to host ICOs or initial coin offerings, among others.
– The country will develop new regulations for trading involving cryptocurrencies.
– This makes the Philippines one of the earliest to regulate bitcoins.
According to Raul Lambino, chief of CEZA, or the Cagayan Economic Zone Authority, ten platforms will receive license for cryptocurrency exchange.
These companies can then engage in commercial mining, financial services and hosting through blockchain technology, and ICOs.
The first rules regarding cryptocurrency were drafted by CEZA last February.
According to the Securities and Exchanges Commission (SEC) of the Philippines, cryptocurrency trading should be clear cut in terms of regulations so that investors will be protected.
SEC head Emilio Aquino said that before the year ends, the laws regarding cryptocurrency trading will be finalized.
Aside from the Philippines, Japan has also provided laws for cryptocurrency trading last year.
However, many other Asian countries are still reserved about this new form of currency.
Read the article written by Rahul Nambiampurath at – https://btcmanager.com