The Philippine Stock Exchange (PSE) plans to offer cryptocurrency-related services. This was disclosed by its president and chief executive Ramon Monzon, who told CNN Philippines.
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\”If any exchange for cryptocurrencies should exist, it should be the PSE. Why? First, we have trading infrastructure. But more importantly, we can provide investor protection, especially with products such as digital assets,\” he said.
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According to Monzon, the exchange’s leadership 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 rising demand from investors.
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\”Many people are attracted to it by its volatility. Instant wealth can turn into instant poverty. If structured cryptocurrency trading appears in the Philippines, it should occur under our supervision,\” the exchange head added.
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Monzon noted that at present PSE cannot offer such services, as local financial regulators have not yet published the corresponding regulatory requirements.
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In 2019, the Philippine Securities and Exchange Commission invited comments from banks, investors and the public regarding the country\’s readiness to launch a cryptocurrency exchange.
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In July 2020, the local Bangko Sentral ng Pilipinas (BSP) began exploring the possibility of issuing CBDC. In November, the regulator doubted that this would happen in the near future, as saw the need for further research.
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In January 2021, the BSP required companies offering digital asset services in the country to obtain the relevant licenses.
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