The Cagayan Economic Zone Authority (CEZA) in the Philippines will welcome 10 blockchain and cryptocurrency companies to operate within its tax-friendly environment.

The licensed companies will be legally permitted to operate crypto exchanges, mine cryptos and offer ICOs. “We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into the exchange,” the zone’s chief Raul Lambino revealed in an interview for Reuters

However, in order to avoid breaching Philippines laws, any exchanges of fiat into cryptos vice-versa will have to be performed abroad.

Lambino said that the country’s government sees the potential for new local employment opportunities in its move. The economic zone’s regulator is also considering founding a new financial technology university, focusing on blockchain technology.