The Philippine Stock Exchange (PSE) wishes to be a platform for trading crypto assets. Country regulators may soon give the green signal for the trading of cryptocurrencies, according to a report from CNN Philippines.
PSE President and CEO Ramon Monzon told CNN that two weeks ago, management discussed the idea of setting up a domestic crypto exchange. PSE said that the Philippines can not ignore cryptocurrency amid rising interests.
“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,” Monzon said.
He explained lots of people are attracted to crypto because of Volatility. Moreover, he highlights that “Instant riches could be instant poverty too.”
“Unfortunately, we are not in a position to do that now kasi wala pa tayong rules from the regulator eh (because we don’t have rules yet from the regulator),” he added.
Also Read: World Economice Forum: Crypto Economy is an Alternative to the Traditional Finance?
According to Monzon, the exchange is just awaiting guidelines from the SEC and other regulators. The SEC began seeking comments from banks, investors, and the public on whether the Philippines is ready to build a crypto exchange.
