The government of the Philippines will allow 10 Blockchain companies and cryptocurrencies to operate in a special economic zone, the Cagayan Economic Zone. The companies will be the first Blockchain and cryptographic companies that will legally operate in the Philippines after the Cagayan Economic Zone Authority (CEZA) has created a fintech center, which aims to create the Asian "Silicon Valley".
CEZA is a state-owned enterprise that manages this special economic zone. Raul Lambino, the head of CEZA, said: "We intend to license 10 cryptocurrency platforms. They are Japanese, companies from Hong Kong, Malaysians, Koreans. They can go to extract cryptocurrencies, ICO or they can run the stock exchange". He stressed that fiat-crypto exchange and crypto-fiat transactions should be carried out outside the islands to avoid violating the Philippine law.
Companies are expected to generate employment in exchange for the tax rebates they will receive. CEZA will also require companies to invest at least $ 1 million in two years and pay up to $ 100,000 in license fees. Lambino added that CEZA also wants to build a Blockchain and fintech university to provide qualified employees for new companies. Securities and Exchange Commission (SEC) in the Philippines in the first half of April issued an opinion on the cryptocurrency "Cloud Mining" contracts, demanding their classification as securities.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $8,617 (weekly pivot) and this low has been labeled as a possible wave (4) bottom. In that case, the price should now move up towards the level of $9,717 and break through it in order to complete the wave (5). The projected target is seen at the level of $10k. Please notice, the impulsive scenario invalidation level at $8,338 is still valid.