The Philippine Stock Exchange (PSE) aims to become a crypto asset trading platform as the country’s regulators enact long-awaited rules to regulate activities related to crypto assets.

The Philippine exchange aspires to become the country’s cryptocurrency trading platform

Ramon Monzon, President and CEO of PSE, told CNN that management first discussed the idea of ​​setting up a crypto exchange in the country two weeks ago. The PSE has both a trading infrastructure and investor protection, which, according to Monzon, is necessary for trading cryptocurrencies:

“That’s because we have a transaction infrastructure. But we will provide investor security measures, which is particularly important for a product like cryptocurrency, ”said Monzon.

Monzon told CNN that the growing interest in cryptocurrencies means the Philippines can no longer ignore them. The PSE is currently awaiting guidance from the Philippine Securities and Exchange Commission (SEC), which will begin soliciting comments from banks, investors and the public as of 2019 on whether or not the nation should start building a cryptocurrency exchange in the country.

The Philippine stock exchange aspires to be the nation’s cryptocurrency trading platform – growing interest in cryptocurrencies

The country’s government has been very friendly towards digital assets so far. While the Philippine central bank has decided not to consider developing a central bank digital currency (CBDC) anytime soon, it has licensed more than a dozen cryptocurrency exchanges to operate. And many Filipinos are interested in crypto as a way of making money in the country’s troubled economy, with crypto mobile games like Axie Infinity becoming a staple for making money.

To date, Bangko Sentral Pilipinas has approved the operation of 17 cryptocurrency exchange service providers across the country.

In response to increased interest in digital assets, the central bank tightened restrictions on crypto assets in January:

“Over the past three years we have seen rapid growth in the use of virtual currency exchanges and the time has come to expand the existing regulations to recognize the increasing nature of financial innovation and set appropriate expectations for risk management,” said BSP -Governor Benjamin Diokno

Monzon said that cryptocurrencies have no fundamentals, but because of their volatility, many Filipinos are drawn to this new asset class, which is why trading should take place under the supervision of the PSE.

“They are all capital gains, so the price I get for my crypto is what you are willing to pay … Because of its volatility, many individuals have been drawn to it.”

Monzon warns of the risks of getting rich quick. He stated that organized crypto trading in the Philippines needs to be regulated by the PSE. After the leading cryptocurrency Bitcoin hit a new high this year, interest in Bitcoin and other cryptocurrencies in the Philippines is growing. The top cryptocurrency surged to over $ 63,000 in April before tumbling to around $ 30,000 after billionaire Elon Musk’s comments on Bitcoin’s environmental impact and China’s ban on Bitcoin mining farms.

“Immediate wealth can also mean instantaneous poverty,” says Monzon.

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