The Philippines Stock Exchange eyes to be the country’s first crypto-exchange
The Philippine Stock Exchange (PSE) is keeping its engine running and tyres warm to get a lightning start when financial regulators give the green light for crypto asset trading in the country.
CNN Philippines reported on Friday that Chief Executive Officer and President of the PSE, Ramon Monzon said they should become the country’s first exchange platform for crypto assets. In his words:
“If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it’s because we have the trading infrastructure. But more importantly, we’ll be able to have investor protection safeguards especially with a product like crypto.”
The Philippine Securities and Exchange Commission and other financial regulators in the country will first have their say and the wait for the PSE and other interested parties are for them
Monzon did temper his own bullishness and warned of crypto’s volatility, stating: “instant riches could be instant poverty too.”
Government regulators in the Philippines are researching regulating crypto asset trading since 2019 when the SEC consulted the country’s banks, investors, and the public on whether they were ready to build a fully-fledged cryptocurrency exchange.
Digital payments are a reality in Philippine day-to-day life. The 10 million Overseas Filipino Workers (OFW) bring in over 10% of the country’s GDP.
In June, one of the most popular e-wallets in the Philippines, GCash was reported considering offering crypto trading services. Over 40% of Filipinos have an active GCash account, making the e-wallet one of the most popular ones in the country.
Aside of having established themselves as a gaming-hub in the past decade, the Philippines has also established itself as a regional hub for the crypto space. In recent years it opened Special Economic Zones for crypto businesses in Cagayan de Oro, in the north of Mindanao.
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Source: igaming
