Philippines Allows Blockchain, Crypto Companies to Set Up in Special Economic Zone

Cagayan Economic Zone Authority (CEZA) chief Raul Lambino confirmed earlier this week that the Philippine government will be allowing 10 blockchain and cryptocurrency businesses to operate in the area.

Lambino further revealed that these companies, mostly run by Japanese, Koreans, Malaysians and Hong Kong nationals, can go into exchanges, ICOs or cryptocurrency mining legally within the new fintech hub established by the state-owned corporation.

However, Lambino stressed that crypto-to-fiat and vice versa exchange transactions should only be done offshore to avoid violating Philippine laws.

Source: Coin Telegraph

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