Philippines Grants Hong Kong Firm Crypto Exchange License
APIL was granted a license to operate a cryptocurrency exchange in the Philippines by the Cagayan Economic Zone Authority.
The Cagayan Economic Zone Authority (CEZA), a special economic zone in the north of the Philippines has granted an offshore virtual currency exchange (OVCE) provisional principal license to Hong Kong-based Asia Premier International Limited (APIL). This brings to 17 the number of offshore fintech terms given the privilege to operate a cryptocurrency exchange within the Sta. Ana, Cagayan, zone.
In a statement sent to reporters, CEZA administrator Raul L. Lambino said APIL was given its OVCE in order to coincide with the launch of APIL NiuEx Exchange. API chairman and chief executive officer Alexander Fu Kong Sang accepted the OVCE. The launch was held at the Grand Ballroom of Manila Marriott Hotel in Pasay City.
“Today, we formally welcome Asia Premier International Limited as a member of the Crypto Valley of Asia, CEZA’s premier hub for the development of digital token exchanges and blockchain based technologies.”
APIL chief operating officer Amando V. Jimenez described the journey and the struggles the company underwent to secure the OVCE, saying they went through a “very rigorous pre-screening requirements and probity check,” in addition to the volume of documents they submitted.
However, he said the integrity and honesty check was essential to prevent companies from engaging in illegal activities and scams.
“But it was all worth it, as we were granted the license we needed. We are the 7th OVCE/Offshore Virtual Currency Exchange Principal license holder in the Philippines.” Jimenez said and added, “We are now more than ready to connect with the CEZA platform through the CEZA Fintech Hub at the Bonifacio Global City (Taguig City).”
Earlier this month, CEZA approved the OVCE licenses of 19 foreign firms to operate a digital currency exchange in the exclusive zone.
Those given their licenses were: Asia Premiere International, Cr8tiv Solutions Management, Dragon Empire Developments, Digifin Technologies, Formosa Financial Holdings, Golden Millennial Quickpay, Galaxy Plus Developments, Hong Kong Yuen Shing Hong, Ipe Global, Liannet Technology, Rare Earth Asia Technologies Corp., Sino-Phil Economic Zone Agency Development and Management Corp., Tanzer Holdings, Tiger Wheel, Ultra Precise Investment, Orient Express Global, and White Ranch Limited. Two others were given OVC provisional regular licenses, namely Cezex Trading Pte. Ltd. and Unicorn Venture Investment Ltd.