Just heard the news that the Philippines government is preparing to grant license to 25 crypto exchanges. This is going to be huge move in the economic benefit of this country. After getting the license the companies are free to operate on special economic regions as stated by the government. CEZA or Cagayan Economic Zone Authority which is owned by the government states that they are going to be limiting the number of license by 25 principal licences. Exchanges will only be allowed a maximum of 20-30 brokers or traders. They also mentioned that every single exchange should undergo probity and integrity check by the authority. This will help help to prevent fraudulent activities. According to the new rules the ICO's also need to be backed by asset.
Philippines will not allow it's people to invest and trade in ICO's by blocking the IP addresses of these exchanges. This is going to effect some offshore companies to run crypto exchanges in Philippines. CEZA has also given directives to such companies to establish offices in the county. They must be registered with the Securities and Exchange Commission.
