The Phillipine Stock Exchange is aiming to launch the first of the local crypto markets and is eagerly awaiting the local SEC to issue guidelines on the subject.
According to a report by CNN on Friday, July 2, the President and CEO of the Philippine Stock Exchange, Ramon Monzon clearly mentioned that the local authority should be the primary platform of exchange for cryptocurrency trading in the country. He stated:
“If there should be any crypto exchange, it should be done here at the PSE. The primary reason behind it is the fact that we have the infrastructure required for conducting the crypto trading. But what is more important, is that we will be able to provide our investors protection and safeguards especially when it comes to a subject like crypto.”
The PSE is awaiting a green signal from the Phillipine Security and Exchange Commission and other financial regulatory bodies.
Even though he is supportive of this entire crypto asset market, some of his parallel concerns were expressed when he stated: “instant riches could be instant poverty too.”
The regulatory authorities of the Philippine Government initiated researching the crypto asset trading back in 2019. The SEC started asking for opinions and suggestions from banks, investors and the public in general to conclude whether the country was actually ready to conduct a well organized cryptocurrency exchange on a larger scale.
As much as 10 percent of the country’s GDP is acquired from remittances from an estimated number of 10 million expatriate Filipinos who are working overseas. Also there is a strong demand for digital payments in the market as well.
In 2018, the Philippines opened up the Special Economic Zones in Cagayan to a number of crypto firms. Since then they have emerged as a regional hub in this sector
After having witnessed a considerable growth in the use of digital assets in the last three years, the central bank has introduced new guidelines for crypto service providers across the country.