The Philippines Cagayan Economic Zone Authority (CEZA) has seen a rise in the number of companies applying for crypto exchange licenses, in the last couple of months. The interest shown by companies in applying for licenses has surpassed all expectations, according to inside authorities. In August, the agency had seen over 17 different companies pay the full fees associated with applying for a license, while 19 others were working on their payment process.
CEZA, which is owned and operated by the Philippine government, typically regulates the economic zone in the country. Since the establishment of the unique economic zone, the authority has always seen keen interest from various companies to be a part of the zone. Companies from across the world have been flocking to the zone in order to take advantage of fair rates of doing business and lax regulations and oversight, compared to other countries.
The key reason behind companies vying for CEZA crypto exchange operating licenses is that the Philippines has made a concerted effort to give the crypto community room to grow within the cryptocurrency economic zones. This holds a lot of importance for the companies vying for licenses, especially since countries all over the world continue to work towards regulating the cryptocurrency market.
The CEZA has granted an offshore virtual currency exchange (OVCE) provisional principal license to Asia Premier International Limited (APIL). This takes the number of offshore fintech firms who are given the privilege to operate a crypto exchange within the special economic zone to 17.
Raul L. Lambino, CEZA administrator stated that APIL was granted the OVCE license in order to coincide with the launch of APIL NiuEX Exchange. Amando V, Jimenez, APIL CEO described the journey and the struggles that the company faced while securing the said license. He said that the company underwent rigorous pre-screening requirements and probity check, other than the huge volume of documents that they had to submit, as reported on Cryptovest.
The economic zone had forecasted in August that they intend to earn over $68 million from the application process of companies who were seeking crypto exchange operating licenses with the CEZA, as reported on Bitcoin Exchange Guide.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]