The Philippine Stock Exchange is waiting for the local SEC to issue guidelines for crypto trading.
The Philippine Stock Exchange hopes to be first in line when regulators give the green light for crypto asset trading in the country. CNN reported that the Ramon Monzon the President and CEO of PSE said the local bourse should be the country’s first exchange platform for crypto assets. He stated:
“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.”
Despite his enthusiasm to support crypto Monzon warned of crypto’s volatility. Regulators began researching regulating crypto asset trading in 2019 when the SEC sought feedback from the public, banks and investors on whether the country was ready to build a crypto currency exchange.
Local demand for digital payments is at a high, with 10% of the GDP coming from remittances from an estimated 10 million expatriate Filipinos working and living abroad. Philippines have sought to establish itself as a regional hub for crypto in recent years, opening special economic zones in Cagayan for crypto firms in 2018.
