LegalBison advises crypto regulator CEZA in the Philippines on new license

The Cagayan Economic Zone Authority, also known as CEZA, is a government-owned and controlled corporation of the Republic of the Philippines, whose main objective lies in the management and development of the Cagayan Special Economic Zone and Freeport (CSEZFP).

At the beginning of 2024, LegalBison extended its legal expertise to assist CEZA in the legal review and further improvement of the CEZA’s Offshore Financial Technology Licensing Rules and Regulations (OFTLRR). Eira-Federica Järvi (née Julia Miroshnichenko), lawyer at LegalBison, prepared a legal assessment with a detailed overview of the suggestions and proposals related to each Rule of the OFTLRR.

See also: CEZA official statement on collaborating with LegalBison on new crypto regulation

This assessment delved into the specific sections of each Rule, providing in-depth oversight of the proposed suggestions and examples of how the said suggestions were implemented in other legislative frameworks. The CEZA aimed to create a single framework for licensing both FinTechs and businesses involved in providing cryptocurrency-related services.

“The main objective of the assessment was to provide insight into the regulations from the point of view of professionals working in the regulated EU legal framework and other offshore jurisdictions globally,” said Järvi. “The CEZA may incorporate the applicable assessment of LegalBison in the revision of its OFTLRR to further refine it to cope with continuously emerging international standards.”

The assessment was submitted to CEZA in line with the plenary meeting held to discuss the provided recommendations and suggestions. The CEZA noted that the comments and assessment provided by LegalBison lawyers presented invaluable insights into the law and addressed possible conflicts of law and difficulties for both CEZA and potential applicants in fulfilling the objectives of the regulations.

Also read: Lance Gokongwei’s PhilWeb Bet Is a Verdict on PAGCOR

LegalBison is a global team of lawyers specializing in the FinTech sector. Established in 2020, LegalBison professionals boast unique experience and know-how in legal assistance with incorporation, licensing, and maintenance of FinTech projects worldwide. With a global presence, the company is rapidly expanding, serving clients with FinTech startups and enterprises in every corner of the world.

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