According to the Philippines, the Philippine Stock Exchange (PSE), it wants to become the platform for trading cryptocurrency assets once the country’s regulators release long-awaited rules.
Ramon Monzon, President, and CEO of the PSE, stated that management had first discussed the idea two weeks ago. Monzon stated that the PSE has both the necessary trading infrastructure and investor protection safeguards to allow cryptocurrency trades.
Monzon stated that the Philippines can’t ignore cryptocurrencies because of growing interest. The Philippine Securities and Exchange Commission (SEC) is currently waiting for guidelines. In 2019, the Commission began asking banks and investors for comments on whether the country should start building crypto exchange.
The government of the Philippines has been supportive of digital assets for a long time. Although the Philippine Central Bank has not been open about its plans to develop a digital currency central bank (CBDC) anytime soon it has granted licenses for over a dozen cryptocurrency exchanges to be operating in the country. Many Filipinos are interested in crypto to make extra income in the country’s troubled economy. Play-to-earn mobile crypto games such as Axie Infinity have been popular.
Monzon stated that he believes volatility is what makes cryptocurrencies attractive. Therefore, trading should be done under the supervision of the PSE.