Philippine Exchange Eyes Cryptocurrency Trading – Says “It’s an Asset Class We Can’t Ignore” – Bitcoin News

The Philippines’ national exchange, PSE, says cryptocurrency is “an asset class that we can no longer ignore”. The exchange also says that trading in cryptocurrencies “should take place at the PSE” as the infrastructure and investor protection are guaranteed.

  • The Philippine Stock Exchange (PSE), the national exchange of the Philippines, is reportedly keeping an eye on cryptocurrency trading. President and CEO Ramon Monzon said on Friday that the PSE should be the crypto asset exchange platform, CNN Philippines reported on Friday.
  • Realizing the matter was discussed during a top management meeting two weeks ago, Monzon said, “It’s an asset class that we can no longer ignore.” He was quoted as saying:

If there is an exchange for cryptos, this should be done at the PSE. Why? First, because we have the trading infrastructure. But more importantly, we can have investor protection measures in place, especially with a product like crypto.

  • He explained that many people are drawn to cryptocurrencies “because of the volatility”. However, he warned that “instant wealth could also be instant poverty”.
  • The exchange chief further stated: “Unfortunately we are not now able to do the Kasi-Wala-Pa-Tayong rules of the supervisory authority anyway (because we do not have any rules of the supervisory authority yet)”, it says in the publication. He also said:

We are waiting for the rules of the Securities and Exchange Commission (SEC) on how the trading of crypto or digital assets is regulated.

  • Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has so far registered 17 cryptocurrency exchange service providers.
  • The central bank set new guidelines for crypto asset service providers in January after seeing “accelerated growth” in the use of cryptocurrencies over the past three years. “It is high time we broadened the scope of the existing regulations in recognition of the evolving nature of this financial innovation and set appropriate expectations for risk management,” the central bank wrote.

Do you think the Philippine stock exchange should offer cryptocurrency trading? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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source https://bidsfor.me/philippine-exchange-eyes-cryptocurrency-trading-says-its-an-asset-class-we-cant-ignore-bitcoin-news/

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