Philippines’ national stock exchange platform, Philippine Stock Exchange (PSE), announced that it now wants to offer crypto trading when regulators clinch the deal. PSE president and CEO Ramon Monzon revealed on Friday through CNN Philippines that the exchange platform would be the perfect place for crypto trading because it has both the investor protection safeguards and the trading infrastructure in place.
However, PSE is awaiting directions from the Philippine Securities and Exchange Commission (SEC) and a few other regulators on crypto coins, Monzon said. Back in 2019, the SEC said it would release draft guidelines for crypto exchange platforms. Last year, the commission’s chairman Emilio Aquino said that the SEC has draft rules in place, as well as public comments, and is trying to finalize them. However, the regulator is yet to reveal any rules.
The country’s authorities have historically been benevolent toward digital assets. The Philippine Central Bank, although it has been candid about not taking into account the development of a digital currency (CBDC) associated with the central bank in the near future, has licensed more than a dozen crypto exchanges to function in the nation, including Bitan Moneytech, Rebittance Virtual Currency Philippines, and Bexpress. The central bank asks crypto exchange platforms to register as remittance and transfer companies – they are also required to create and implement other measures, such as anti-money laundering and consumer protection systems.
Numerous people across the Philippines have become interested in crypto coins as a method to make more money in the country’s struggling economy, with play-to-earn crypto mobile games, including Axie Infinity, becoming a more common way to earn an extra income.
Monzon told CNN that he considers the volatility of crypto coins is what makes them appealing, which is why trading should occur under the watch of the PSE.
“Instant riches could be instant poverty too,” said Monzon.