Philippine Stock Exchange to Be the Site for Crypto Trading

According to a report, the Philippine Stock Exchange (PSE) wants to be the platform for trading cryptos. This will occur when it gets approval from the country’s regulators.

The report says that PSE is just awaiting guidelines from the Philippine Securities and Exchange Commission (SEC) and other regulators.

On Friday, PSE president and CEO Ramon Monzon said that the PSE should be the exchange platform for crypto assets. In addition, he said that the idea came up during a top management meeting two weeks ago.

PSE president and CEO Ramon Monzon noted,

“If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it’s because we have the trading infrastructure. But more important, we’ll be able to have investor protection safeguards especially with a product like crypto.”

Moreover, Monzon added that the rise in crypto interests means the Philippines can’t ignore them anymore. So, they are just waiting for the go signal for the trading of cryptos. Monzon said they are waiting for the Philippine SEC, which in 2019 was wondering whether the country should begin building a local crypto exchange.

Let’s note that the government is friendly toward cryptos. Even though the Philippine Central Bank doesn’t consider the development of a central bank digital currency (CBDC), it has allowed many crypto exchanges to work in the country. 

This is due to the interest that many Filipinos show toward cryptos.

“They think of cryptos as a way to make money in the country’s struggling economy. With play-to-earn crypto mobile games like Axie Infinity becoming a popular way to earn extra income,”- Monzon said.

However, he also said, Instant riches could lead to instant poverty too.