Philippine Stock Exchange aims to be the country’s platform for crypto trading

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The Philippine Stock Exchange (PSE) has reportedly recognized that cryptocurrency is an asset class that can no longer be ignored amid increased interest in Bitcoin and other crypto assets among Filipinos.

PSE President and CEO Ramon Monzon said the local exchange is also expected to be the country’s trading platform for digital assets and the issue has already been discussed at a meeting of the senior management, according to CNN Philippines.

Monzon also cited the reasons why any crypto exchange should be done at the PSE.

It’s because we have the business infrastructure. But more importantly, we will be able to have guarantees of investor protection, especially with a product like crypto, ”explained Monzone.

17 registered crypto exchange service providers

To date, the Bangko Sentral ng Pilipinas has given the green light to 17 cryptocurrency exchanges to operate in the country.

In January, the central bank tightened its rules on crypto assets amid renewed interest in digital assets.

We have witnessed an accelerated growth in the use of virtual currency exchanges over the past three years, and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set expectations. proportionate risk management, BSP Governor Benjamin Dioknos said.

Filipinos drawn to crypto volatility

Monzon noted that cryptocurrencies lack fundamentals, but many Filipinos are drawn to this new asset class due to its volatility.

These are just capital gains, which means the price I get for my crypto is the price you’re willing to pay … So a lot of people are drawn to this because of the volatility.

Monzon, however, warned of the dangers of instant riches. He said that if there was any structured cryptocurrency trading in the Philippines, it should be under the watchful eye of PSE.

The Philippines has seen increased interest in Bitcoin and other cryptocurrencies after the flagship cryptocurrency hit new highs this year.

Top crypto climbed to over $ 63,000 in April before falling to around $ 30,000 after billionaire Elon Musks commented on the environmental impact of Bitcoin and China’s crackdown on mining farms.

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