The Cagayan Economic Zone Authority in the Philippines is drafting cryptocurrency regulations that will allow a maximum of 25 cryptocurrency companies to receive licenses to operate, although each company will be able to issue 20 to 30 sub-licenses for traders and brokers. These companies will be able to act as cryptocurrency exchanges, mine cryptocurrency, or conduct initial coin offerings (ICOs). Sixty cryptocurrency companies have already applied for licenses, so the selection process is expected to be highly competitive.
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