The Philippines’ national stock exchange, the PSE, describes cryptocurrencies as “an asset class that we cannot ignore any longer.”
Cryptocurrency trading, according to the stock exchange, “should be done at the PSE” because of its infrastructure and investor safety protections.
The Philippine Stock Exchange (PSE), the country’s national stock exchange, is said to be considering cryptocurrency trading.
According to CNN Philippines, PSE President and CEO Ramon Monzon stated on Friday that the PSE should be the exchange platform for crypto assets.
“It’s an asset class that we cannot ignore anymore,” Monzon said, noting that the topic was discussed during a top management meeting two weeks ago.
He was quoted as stating, “If there is to be any cryptocurrency trading, it should be done at the PSE.” Why? The first reason is that we have the necessary trading infrastructure.
But, more importantly, with a product like bitcoin, we’ll be able to have investor protection features.
Many individuals are drawn to cryptocurrencies “because of the volatility,” he noted. However, he cautioned, “Immediate riches can also be instant destitution.”
According to the publication, the stock exchange chairman added, “Unfortunately, we are not in a position to do that right now kasi wala pa tayong regulations from the regulator eh (since we don’t have rules from the regulator now).”
He also stated, “We’re waiting for the Securities and Exchange Commission (SEC) to issue rules on how crypto or digital asset trading will be regulated.”
The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has so far registered 17 bitcoin exchange service companies.
After noticing an “accelerated increase” in the use of cryptocurrencies in the previous three years, the central bank developed new criteria for crypto asset service providers in January.
The central bank added, “It is past time that we widen the scope of existing laws in recognition of the shifting nature of financial innovation and set forth commensurate risk management expectations.”
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