Offshore cryptocurrency exchanges and blockchain firms have helped one of the Philippines major economic areas to post higher revenues in a single quarter than was produced in the entire of 2017.
Part of Luzon Island, around 250 miles north of the capital Manila, the Cagayan Economic Zone faces outwards to Taiwan and Singapore, and traditionally has been a logistics hub for shipping and agro-industrial businesses based around the seaport of Aparri.
CEZA, The Cagayan Economic Zone Authority (CEZA), is a government-owned body endorsing the financial health of this area, which functions as a separate customs territory to the rest of the Philippines similar to Hong Kong and China. Fascinatingly, CEZA has posted Q2 2018 incomes of 340m ($6.3m) which is an important improvement on what it accomplished compared to 2017. That improvement is, completely based around 30 companies that have applied for its crypto exchange license, named Financial Technology Solutions and Offshore Virtual Currency (FTSOVC).
As per CEZA CEO Secretary, Raul L. Lambino, soon it will see exchanges be subject to several financial reviews and truthfulness checks to Golden Millenial Quickpay. There are 2 other firms who have applied and have been given impermanent of seven-month FTSOVC licenses, they are Ultra Precise Investments Ltd., and Liannet Technology Ltd.
The hope of authorities is that blockchain and cryptocurrencies both will help to create an Asian Silicon Valley and generate around 20,000 jobs for the complete area.
Other blockchain firms which have already paid the fees to set up in CEZA include Tanzer Inc., the Sino-Phil Economic Zone Agency, Hong Kong Yuen Shing-Hong Ltd, and Formosa Financial Holdings.
As reported by Crypto News Review, normally seeing the supply of bitcoin is inadequate, some experts expect this reappearance to continue. Philippines government predict that there is a price correction is in the offing and virtual currency exchange operators are buoyant.
The post Cryptocurrency Exchanges Boosts Philippines Economic Earnings appeared first on OWLT Market.
from OWLT Market https://ift.tt/2v2yecE
via IFTTT
No comments:
Post a Comment