The Philippines Stock Exchange (PSE) Seeks Regulatory Approval to Start Crypto Trading
The Philippines Stock Exchange (PSE) is all set to kickstart crypto trading facility on its platform subject to regulatory approval. As reported by CNN Philippines, the national stock exchange has applied for regulatory and willing to become the de facto platform for crypto trading.
In the announcement PSE noted that this will be the country’s first crypto trading platform that is likely to get the regulatory clearance. It also stated that being an established players in the market, it has the necessary infrastructure investor protection safeguards in place.
Ramon Monzon, the PSE CEP and President said: “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 important, we’ll be able to have investor protection safeguards especially with a product like crypto”.
The ideal to set into the crypto market arrived during the management meeting two weeks back. Looks like the PSE seeks to leverage its existing infrastructure and sees a good future opportunity in the emerging crypto market.
On the other hand, the Philippines Securities and Exchange Commission (SEC) is yet to come up with a definitive framework. The SEC and other regulators in the country has been researching on rules for the use of crypto assets in the country. The Philippine has been seeking comments from the banks, the public, and investors alike on how they should proceed ahead with the country’s crypto plans.
Although Monzon sounded confident of entering the crypto space, he also spoke about the market volatility. He said: “Yang crypto wala namang fundamentals yan eh (Cryptocurrencies have no fundamentals). It’s all capital gains, meaning the price I get from my crypto is the price you are willing to pay… So a lot of people are attracted to that because of the volatility. Instant riches could be instant poverty too…”
The Philippines government has held a friendlier approach in dealing with crypto. However, the central bank - Bangko Sentral ng Pilipinas (BSP) - has been outspoken saying that it will stop any crypto-related money laundering activities taking place in the country.
Earlier this year in January, the Philippines central bank issued new guidelines for virtual assets service providers (VASPs) operating in the country. On the other hand, BSP has been going slow with the development of its central bank digital currency.