Philippine Stock Exchange Contemplates Offering Cryptocurrency Services

Philippine’s national stock exchange, the Philippine Stock Exchange (PSE), is believed to have its eyes on cryptocurrency trading. The president of the PSE, Ramon Monzon, in an interview with CNN Philippines last Friday noted that the stock exchange should offer cryptocurrency trading for interested parties.

Monzon noted that the suggestion was discussed in a top management meeting recently, adding that “It’s an asset class that we cannot ignore anymore.” The PSE president stated that:

“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.”

Philippine Stock Exchange Is Awaiting Directives from the Central Bank

Monzon explained that many individuals are trooping into cryptocurrencies “because of the volatility” it offers. However, the executive warned that “Instant riches could be instant poverty too.” The chief executive of the stock exchange noted that “Unfortunately, we are not in a position to do that now kasi wala pa tayong rules from the regulator eh (because we don’t have rules yet from the regulator).” Monson added that:

“We’re waiting for the rules from the Securities and Exchange Commission (SEC) on how crypto or digital asset trading will be governed.”

So far, the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has registered 17 cryptocurrency exchanges in the country.

The central bank (BSP) developed guidelines for crypto asset service providers in January after witnessing “accelerated growth” in the crypto space over the past three years. The apex bank noted in a publication that:

“It is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations.”

 

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