In their statement, the administrative body of Cagayan Economic Zone Authority (CEZA) announced the initial authorization for each of the 25 exchanges to employ up to 30 traders or brokers.
The exchanges will operate in the tax-friendly CEZA and Freeport — a government-controlled and sanctioned center in the Philippines’ northern Luzon region. To qualify, each exchange will be subject to a “probity and integrity check” by the authority and will be required to invest at least $1 million over the next two years.
Citing the need to protect Filipino citizens from losses, CEZA CEO Raul L. Lambino explained the context for the licenses’ rigorous scrutiny:
“There are many operating scammers who put an exchange with very little capital and they are victimizing investors. We do not want the Philippines to be a haven (for scammers) even if these scams are happening abroad.”
Once established, the exchanges will be monitored by CEZA for compliance — requiring all affiliated ICOs to have their tokens “asset-backed”. Lambino stressed this criterion as the solution to
stamping out ICO exit scams:
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