The Cagayan Economic Zone Authority requested the impermanent suspension of its virtual cash trade licensees pending their transition to Cagayan, its representative said Tuesday.
In any event, 25 seaward virtual money firms hold head CEZA licenses, while 15 firms have standard licenses in the nation. Just 3 firms are completely operational as of September.
Brilliant Millennial Quickpay, Liannet Technology Ltd and Asia Premier work in Metro Manila, CEZA said. Their activities will be suspended until they move to Cagayan for “due persistence,” CEZA representative and Fintech and Cryptocurrency business official Mike David said.
A Chinese-kept an eye on the specialist co-op of seaward digital money firm Golden Millennial Quickpay claimed associated with illicit cryptographic money activities going after Chinese nationals was assaulted by experts Friday. Somewhere in the range of 270 representatives were captured.
“Ang activity nila transitory. We are pushed by our conditions due to the absence of our offices in Cagayan. After the episode, zero resilience Muna kami until development to Cagayan,” David said.
“Not so such occurrences have just happened but rather the suspension of all activities is a greater amount of due persistence on us,” he included.
The move is scheduled to occur in 2020, David said.
Brilliant Millennial Quickpay, whose specialist co-op is supposedly occupied with a cryptographic money speculation trick, faces a 90-day suspension and may even lose its permit if bad behaviors are affirmed by agents, David said.
“By what means can a trade submit extortion? Possibly there are virtual specialists or handles that could have entered the trade. We are frightened by this occurrence. There are outside components, components and we are investigating that likewise,” he said.