The Philippine Stock Exchange is waiting for the financial regulator SEC to give the green light for cryptocurrency trading in the country.
“If there should be any exchange for cryptocurrencies, it is PSE. Why? First, we have a trading infrastructure. But more importantly, we can provide protection for investors, especially with products such as digital assets,” he said.
According to Monzon, the site’s management first discussed the idea of creating a national bitcoin exchange two weeks ago. He stressed that the Philippines can no longer ignore cryptocurrencies due to the growing demand from investors.
“It [cryptocurrency] attracts many people with its volatility. Instant wealth can turn into instant poverty. If structured cryptocurrency trading appears in the Philippines, it should take place under our supervision, ”added the head of the exchange.
Monzon noted that PSE is currently unable to offer such services, as local financial regulators have not yet published the relevant regulatory requirements.
In 2019, the Securities and Exchange Commission of the Philippines solicited comments from banks, investors, and the public regarding the country’s readiness to launch a cryptocurrency exchange.
In July 2020, the local central bank Bangko Sentral ng Pilipinas (BSP) began exploring the possibility of issuing a CBDC. In November, the regulator doubted that this would happen in the near future, as it saw the need for further research.
Recall that in January 2021, BSP obliged companies providing services in the field of digital assets in the country to obtain appropriate licenses.
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