Philippines Stock Exchange wants to be the site for Crypto Trading

Philippines Stock Exchange wants to be the site for Crypto Trading

BUSINESS | July 5, 2021 | WOZINGA NEWS

Philippines Stock Exchange wants to be the site for Crypto Trading

  • Philippines Stock Exchange (PSE) is just awaiting guidelines from the Philippine SEC and other regulators.

By Elah Mae Ariate Wozinga Journalist

According to CNN Philippines, the Philippines Stock Exchange (PSE) wants to be a platform for trading crypto assets. Once the country’s regulators issue long-awaited rules governing the practice.

PSE President and CEO Ramon Monzon said, the idea of establishing a domestic crypto exchange was first discussed by management two weeks ago. The PSE has the trading infrastructure and also the investor protection safeguards that Monzon claims are requires to trade cryptocurrencies.

The growing interest of cryptocurrencies in the Philippines

In addition, Monzon told CNN that the growing interest in cryptocurrencies means the Philippines can no longer ignore them.

“We are waiting for the Securities and Exchange Commission (SEC) rules on how crypto or digital asset trading will govern,” PSE President Ramon S. Monzon said in an online news briefing on Friday. “It’s an asset class that we can no longer ignore.”

“If there is going to be any structured crypto trading in the Philippines. It should be with us so we can engage in investor education and protection,” he said.

Based on the report, cryptocurrency trading is the act of speculating on cryptocurrency price movements. Through a contract for difference trading account, or by buying and selling the underlying coins via an exchange. 

The PSE is currently awaiting guidelines from the Philippine Securities and Exchange Commission (SEC). This began soliciting feedback from banks, investors, and also the public in 2019 on whether the country should begin developing a domestic crypto exchange.

Philippine Govt. supports digital assets

In fact, the government of the country has historically been supportive of digital assets, Coindesk reported. The Philippine Central Bank, despite publicly stating that it does not intend to develop a central bank digital currency (CBDC) any time soon. It has licensed over a dozen crypto exchanges to operate in the country.

In addition, because so many Filipinos have become interested in cryptocurrency. Infinity is quickly becoming a popular way to supplement one’s income.

Monzon told CNN that the volatility of cryptocurrencies is what makes them appealing. This is why trading should take place under the supervision of the PSE.

“Instant riches can also be instant poverty,” said Monzon.

Monzon said the volatility of cryptocurrencies is what makes them appealing, do you agree?

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