The Cagayan Economic Zone Authority (CEZA) of the Philippines recently issued provisional licenses to three cryptocurrency exchanges operating in the economic zone.
The Manila Times said that CEZA expects to attract $3 million in investment following the issuance.
The government had previously announced that 10 blockchain and cryptocurrency companies will be allowed to operate in the economic zone to generate jobs and stimulate the economy. The companies are required to contribute $1 million upward over two years and pay up to $100,000 in licence fees.
It was also mentioned that 70 companies have already applied to operate in the economic zone since it is the first to provide rules and regulations for cryptocurrencies.
Source: Coin Telegraph