The Philippine National Stock Exchange (PSE) stated that cryptocurrency is “an asset class that we can no longer ignore.” The stock exchange further stated that, given its infrastructure and investor protection safeguards, cryptocurrency trading “should be conducted in PSE”.
According to reports, the Philippine National Stock Exchange (PSE) is paying attention to cryptocurrency trading. According to a report from CNN Philippines on Friday, Chairman and CEO Ramon Monzon said on Friday that PSE should become a trading platform for crypto assets.
Monzon pointed out that this issue was discussed at a senior management meeting two weeks ago. He said: “This is an asset class that we can no longer ignore.” The report quoted him as saying:
“If there should be any cryptocurrency exchange, it should be conducted in PSE. Why? First, because we have the trading infrastructure. But more importantly, we will be able to have investor protection safeguards, especially like Products like cryptocurrency.”
He explained that many people are attracted to cryptocurrency “because of its volatility.” However, he warned that “the next moment you become rich you may be impoverished immediately.”
The head of the stock exchange further explained, “Unfortunately, we are unable to do this now because we do not yet have rules from the regulatory agency to base,” according to the publication. He also believes:
“We are waiting for the Securities and Exchange Commission (SEC) rules on how to manage cryptocurrency or digital asset trading.”
The Central Bank of the Philippines (BSP) has so far registered 17 cryptocurrency exchange service providers.
After seeing the “accelerated growth” in the use of cryptocurrencies in the past three years, the central bank formulated new guidelines for crypto asset service providers in January. “The time has come for us to expand the scope of existing regulations to recognize the evolving nature of this financial innovation and propose commensurate risk management expectations,” the central bank wrote.
Post time: Jul-06-2021