According to a recent report, the stock exchange in the Philippines is targeting to be the forerunner of cryptocurrency trading in the country.
Once the SEC and financial regulators give their go-ahead guidelines, the stock exchange plans to kick-start the plan. It seems that the Philippine Stock Exchange has been waiting for this approval and preparing for it.
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According to what CEO Ramon Monzon and PSE President disclosed to our source, the stock exchange management met two weeks ago about this idea. The discussion leaned towards establishing a cryptocurrency exchange in the Philippines.
The two heads of the stock exchange maintained adequate investor-protection safeguards and trading infrastructure to ensure a seamless experience for traders. According to them, these two factors are very critical to cryptocurrency trading.
Rising Interest In Philippines Necessitates Local Cryptocurrency Exchange
CEO Monzon told our source that the Philippians are becoming more interested in cryptocurrencies. As such, it’s no longer ideal to ignore the need for a local crypto exchange to cater to the need of crypto investors.
That’s why they’re only waiting for the SEC’s guidelines on how to operate such an exchange in the country.
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Monzon also disclosed that the Philippines SEC had started its inquiries into the necessity of approving a crypto exchange in the country.
According to the CEO, the SEC has been gathering comments from investors, the public, and even banks since 2019. The agency has been trying to get their inputs about establishing a cryptocurrency exchange in the country.
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The Philippines has always been supportive of digital assets. Based on the Philippines Central Bank activities, it is obvious that the country is a crypto-friendly territory.
The Central Bank had already approved many crypto exchanges in the country by issuing them the license to operate.
Also, the citizens haven’t lagged in the cryptocurrency frenzy taking over the financial market. More and more people are demanding digital payments, and up to 10% of the total GDP comes from remittances. This is not surprising as the country has at least 10 million people working overseas.
Also, many people are interested in exploring cryptocurrency investment to alleviate poverty in the country.
The economy is struggling to stay afloat, and many citizens see cryptocurrencies as a way out. Many people now play the “Axie Infinity” mobile games that pay winners in cryptocurrency to make extra income.
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As for crypto trading and its underlying risks, the Stock Exchange CEO believes it’s better to conduct it on a guarded platform.
According to him, cryptocurrencies are volatile, and that’s part of their appeal. However, the Philippines Stock Exchange should take charge of monitoring cryptocurrency trading and transactions.
Featured image from Pixabay, Charts from TradingView.com
