The Philippine Government just legalized crypto-currency exchanges (almost a dozen exchanges) to work now in a tax-friendly economic zone. The main aim of this step is to create new opportunities for locals. Government will issue license to these companies in this special zone, Cagayan Economic Zone Authority (CEZA) chief Raul lambino told Reuters.
He added, stating:
We are giving license to 10 crypto-currencies exchanges and they are Japanese, Hong Kong, Malaysians, and Koreans… They are allowed to do crypto-curreny mining, initial coin offerings (ICOs) or they can go into exchanges.
Any exchange of fiat money into crypto-currencies or crypto into fiat money should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.
The Philippine became one of the earliest countries in the world to publish to publish regularizations for cryptocurrency exchanges in 2017.