Opening an ICO in the Philippines is now a reality. More recently, it became known, that the Philippines is actively opening its doors to entrepreneurs, who want to register a company to work with ICO in the Philippines or are planning to obtain a license for ICO in the Philippines. This island state legalized crypto business on its territory.
This jurisdiction will provide enterprises with the opportunity to carry out cryptocurrency activities in the economic zone of Kagayan province. This will give them the opportunity to take advantage of tax benefits, when registering workplaces. An entrepreneur, who wants to open an ICO in the Philippines within two years, needs to make a registered capital of $1,000,000, as well as to pay a license amount of $100,000.
Authorities of the jurisdiction gave permission for entrepreneurial activities to Filipino companies, registered to work with ICO, which they have the right to carry out after their legal entry into the economic zone (neighboring countries did not allow such organizations to work in their territories). The CEZA chief said, that he intends to legalize 10 cryptocurrency platforms, including platforms of Japan, Hong Kong, Malaysia and Korea. But, the exchange of paper money for virtual currency and the reverse process should be carried out outside the island. After all necessary laws are passed by Philippine authorities, you can register cryptocurrency funds, offer original coins or act as a cryptocurrency exchange, as well as a cryptocurrency mining. In February 2017, first steps were taken to allow cryptocurrency companies to open their offices on the island.
The Central Bank of the Philippines did not approve of the use of cryptocurrencies, saying, that it is a manifestation of measures in support of terrorism.
In October 2017, the Central Bank announced its position regarding cryptocurrency companies on a local television. In this statement, new regulatory measures were put in place for cryptocurrency exchanges in the Philippines. Also, representatives of the Kagayan province claim, that cryptocurrency is developing rapidly today, it is convenient and authorities are ready to legalize cryptocurrency exchanges in the Philippines.
The government, also, plans to register a new institute, that will help to open new workplaces in the Kagayan economic zone and specialize in blockchain technologies.
Hundreds of applications have already been submitted to the Central Bank for consideration from businessmen, who are ready to open a company to work with ICO in the Philippines and to start cryptocurrency activities on the island. The Central Bank plans to support innovations in cryptocurrency industries, but, limit the use of Bitcoin. This is due to the fact that the currency can be directly related to money laundering. The main rule for companies, deciding to register a crypto exchange in the Philippines, is reporting to the Central Bank of the Philippines. The Central Bank of the Philippines (BSP) has prepared regulations to monitor the Philippine virtual currency market.
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The information outlined in the article is actual at the time of its publication.
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