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New Regulatory Framework for Digital Asset Token Offering Introduced in Philippines

The Philippines has introduced a new set of rules governing Digital Asset Token Offering (DATO), according to a press release published by the Asia Blockchain and Crypto Association (ABACA) on Feb. 4.

The new regulations released by the country’s Cagayan Economic Zone Authority (CEZA) are reportedly designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of crypto assets, including utility and security tokens. The CEZA thus becomes the main regulator, while the ABACA has been designated as a self-regulatory organization (SRO) to enforce the new framework.

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Philippines to Issue 25 Cryptocurrency Exchange Licenses in Economic Zone

The administrator of a government-controlled economic zone in the Philippines has revealed plans to issue 25 licenses to cryptocurrency exchanges.

The Cagayan Economic Zone Authority (CEZA), a government-operated economic zone in the northern tip of the Philippines, will open its doors to as many as 25 cryptocurrency exchange operators in its tax-friendly jurisdiction, an announcement on its website revealed.

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