The national stock exchange of the Philippines’ management has expressed its desire to serve as an exchange for cryptocurrencies. The Philippine Stock Exchange (PSE) head spoke about this intent last week, mindful of the people’s increasing utilization and ownership of crypto assets.
We gathered that the Philippines is a small player quite eager to step into the cryptocurrency arena as virtual currencies’ popularity carries on rising nowadays. Hence, we feel thrilled to learn about the Southeast Asian country potentially having its own cryptocurrency exchange later on.
Ramon Monzon confirmed that the PSE intends to bring cryptocurrency trading under its purview. The national stock exchange of the Philippines’ chief executive officer and president said that it wants digital coins like Bitcoin on the existing trading facility.
Monzon cited that Filipinos interested in engaging in cryptocurrency trading should perform the activity at the PSE. He reasoned that it is because the Philippines’ national stock exchange possesses the necessary trading infrastructure.
Additionally, Monzon remarked that, more importantly, they at the PSE would be able to have investor protection safeguards, especially with a financial product like cryptocurrencies. The PSE CEO relayed that price volatility in virtual currency trading could lead to instant wealth and could also result in instant poverty.
According to the Statista Global Consumer Survey results, the Philippines has seen a huge surge in its people utilizing digital currencies over the past year. In Southeast Asia, it is a territory with the highest rate of virtual token use globally, along with Vietnam.
Moreover, the PSE revealed that cryptocurrencies are an asset class that they could not afford to ignore anymore. The organization pointed out that they believe bringing the digital currency framework to the existing stock exchange would be more secure and safer for Filipino traders, unlike if they trade on foreign exchanges.
Based on the report posted online by the technology and business news portal Business Insider India, the PSE is awaiting the guidelines to come in from the Philippines’ Securities and Exchange Commission at the moment. The instructions include how digital asset or cryptocurrency trading will be governed.
We look forward to the government of the Philippines considering implementing cryptocurrency-friendly regulations. We learned that, currently, its rules do not permit the PSE to put in better safeguards for investors or bring virtual currencies such as Bitcoin under its scope of influence.
Thus, we think that if the PSE becomes a cryptocurrency exchange besides being a stock exchange, the Philippines can become a digital currency trading haven in the region. After all, many Filipinos are keen on trading virtual currencies.
Moreover, we think that the Philippines’ national stock exchange can polish cryptocurrency trading’s reputation and help make virtual currency trading in the nation legitimate. We believe this favorable possibility can aid Filipinos with their personal finances and achieve long-term prosperity.