CEZA Collaborates with LegalBison
on New Crypto Regulation
The LegalBison legal team provided valuable guidance to the Cagayan Economic Zone Authority (CEZA) in reviewing its Offshore Financial Technology Licensing Rules and Regulations (OFTLRR). This review aimed to improve the licensing process for businesses in the FinTech and cryptocurrency sectors operating within the Cagayan Special Economic Zone and Freeport (CSEZFP).
CEZA, a government-owned corporation in the Philippines, is responsible for managing and developing the CSEZFP.
In early 2024, LegalBison was tasked with assisting CEZA in reviewing and refining the OFTLRR. Julia Miroshnichenko, a lawyer at LegalBison, conducted a thorough legal assessment of the regulations, offering detailed suggestions for each rule. This assessment also included examples of how similar suggestions have been implemented in other legal frameworks worldwide. The goal was to create a unified licensing system for both FinTech companies and cryptocurrency service providers.
“The main objective of the assessment was to offer a perspective from professionals familiar with the regulatory frameworks of the EU and other offshore jurisdictions,” explained Miroshnichenko. “CEZA can use our insights to revise the OFTLRR and ensure it meets evolving international standards.”
The assessment was presented during a plenary meeting, where CEZA acknowledged the invaluable feedback from LegalBison. The team’s insights helped identify potential legal conflicts and challenges, ensuring that both CEZA and applicants can effectively meet the objectives of the regulations.
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