Philippines to Allow Crypto Trading in Economic Zone, #Binance Records Higher Profits than Germany’s Biggest Bank and Chile Reopens Crypto Exchange Accounts


By Samuel Mowers at Investorideas.com

Philippines to Allow Crypto Trading in Economic Zone, #Binance Records Higher Profits than Germany’s Biggest Bank and Chile Reopens Crypto Exchange Accounts

The Philippines is allowing cryptocurrency exchanges to open in a special economic zone of the country according to a report in Reuters. The area is known as the Cagayan Economic Zone Authority (CEZA), and the businesses operating within it will be able to mine crypto, set up ICOs or exchange:

""We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans," Raul Lambino, chief of the Cagayan Economic Zone Authority (CEZA), told Reuters.

"They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange," Lambino said."

A CCN piece made the observation that cryptocurrency giant Binance is more profitable than Germany's Deutsche Bank. In Q1 of 2018, Binance, less than a year old, recorded a profit of $200 million USD against $146 million by Deutsche Bank.

"Binance, a cryptocurrency startup that was non-existent merely 8 months ago beat out a leading bank that was established 148 years ago. A startup with 200 employees beat out a banking giant with 100,000 employees."

In Germany, securities trading bank VPE WertpapierhandelsBank AG has begun trading cryptocurrencies according to a press release yesterday. Public Relations Manager at VPE, Katharina Strenski, said the crypto had matured as an asset class and that VPE will be Germany's first bank to trade crypto.

"Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online marketplaces. We are pleased to be the first German bank to offer our customers cryptocurrency trading services."

Buda, a Chilean cryptocurrency exchange, is having its previously closed accounts reopened after a court decision according to a report in Bloomberg.

"Chile's anti-monopoly court ordered Banco del Estado de Chile and Itau Corpbanca to re-open Buda's accounts while the exchange's lawsuit continues against 10 banks, including these two, according to the ruling published on the court's website. Buda sued after what it said was "arbitrary" and "unjustified" closing of its accounts."

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