Published on July 11th, 2018 | by bitcoin0
The Philippine regulator will issue a $ 67 million Gritto Exchange license aimed at producing
The authority that governs the Philippines Cagayan Special Economic Zone and Freeport is aiming to earn $67 million just by issuing cryptocurrency exchange licenses.
According to a report from the country’s government news agency on Tuesday, the Cagayan Economic Zone Authority (CEZA) has announced it has just granted a principle operation license to a Hong Kong-based crypto exchange.
The CEZA said the new issuance is part of the total 25 principle licenses it will hand out to crypto trading platforms.
Through the tiered exchange licensing model, Roquero said that the authority expects to make a profit of 3.6 billion pesos, or around $67 million.
The country’s central bank granted the first crypto exchange licenses to two local platforms in August of last year.