Crypto Exchanges

19 Firms Granted Provisional Licenses In Philippine Economic Zone

The Philippine government-owned Ceza (Cagayan Economic Zone Authority) published a list of all organizations on Friday which have been issued Ftsovc (Financial Technology Solutions and Offshore Virtual Currency) and Ovc (Offshore Virtual Currency) licenses, and also those that have paid the application fees and are being assessed.

As of October 12, an aggregate of 19 firms have gotten provisional licenses – 17 of which were issued provisional principal licenses while the other two were issued provisional regular licenses to operate crypto exchanges. Ceza explained –

“Provisional principal licenses [allow licensees] to conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities … Provisional regular licenses [allow them] to conduct offshore virtual currency exchange activities.”

The Philippine News Agency noted previously, “A principal license for Ftsovc operation under Ceza is priced [at] USD 360,000, while a regular license is at USD85,000.”

Catherine Joy Alameda, the Ceza Corporate Board Secretary, detailed in July that provisional licenses  are only valid for 6 months. She articulated, “A company will be able to acquire its permanent license when it is able to fully comply with the requirements of Ceza”.

Licensees probably approved capital stock of $5,00,000 with paid-in capital of $2,00,000. Besides, the news agency wrote that “Ceza requires each cryptocurrency exchange to invest at least USD 1M in a period of two years and must put up a back office in the Philippines”.

The 17 firms which have been granted Ftsovc provisional principal licenses include Hong Kong Yuen Shing Hong, Digifin Technologies, Sino-phil Economic Zone Agency Development and Management Corp., Cr8tiv Solutions Management, Ipe Global, Tiger Wheel, Galaxy Plus Developments, Dragon Empire Developments, White Ranch Limited, Orient Express Global, Asia Premiere International, Tanzer Holdings, Formosa Financial Holdings, Rare Earth Asia Technologies Corp., Liannet Technology, Ultra Precise Investment, and Golden Millennial Quickpay.

The two recipients of Ovc provisional regular licenses are Unicorn Venture Investment Ltd. and Cezex Trading Pte. Ltd.