Cryptocurrency Exchange Licences A Nice Little Earner for CEZA and TokenPay & Litecoin Partner to Buy a Bank

Another downward trend overnight in the cryptocurrency markets saw the global cryptocurrency market cap fall to $253 billion, down $12 billion. Bitcoin currently sits at $6378 – down $85, and Ethereum is now at $453 – down $12.

The recent decision by the Philippine government under Cagayan Economic Zone Authority (CEZA) to issue 25 cryptocurrency exchange licenses in the special economic zone looks set to be a very profitable revenue generator. According to CEZA senior deputy administrator Raymundo T. Roquero, the issuance of the 25 principle licenses and sublicenses will generate approximately $67 million alone, before the addition of a 0.1% fee charged on every transaction conducted through the licensed exchanges. So far at least 70 license applications have been made, of which 6 have already paid the required fees. Principle licenses cost $360,000 and the regular licenses cost $85,000. According to a press release from CEZA yesterday, the first license has already been granted to Golden Millennial Quickpay Inc. Ltd who have already invested $1 million in the region along with 2 other firms in the cryptocurrency sector that will apparently see the creation of 5000 jobs. Firms gaining licenses will initially start business in Manila whilst operations are built in Cagayan, but are contractually bound to move to the economic zone within 2 years of face having their license revoked. Moves such as these illustrate very clearly the potential revenue on the table for governments around the world that are open to embracing the cryptocurrency world. As we all know, money talks and has the ability to change opinions very quickly – entirely fresh revenue streams of these levels will certainly open the eyes of governments needing to generate more cash flow.

The Litecoin Foundation and TokenPay have entered into a strategic partnership to purchase a stake in the German bank WEG Bank AG. TokenPay had already acquired a 9.9% stake in the bank in May of this year with options to acquire a further 90% overall pending regulatory approval – according to the press release it would appear partnership between TokenPay and Litecoin has enabled Tokenpay to acquire an additional 9.9% stake in the bank due to the former acquisition having been transacted to Litecoin balance the new partnership. Provided regulatory approval is granted and the majority acquisition of the bank takes place, the end result should lead to the creation of a full service financial ecosystem with Litecoin providing a substantial number of users and faster processing whilst TokenPay and its banking connections will pave the way into the traditional financial world more easily.

 

Created: Wednesday, July 11, 2018

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