Philippines plans crypto exchange when authorities allow it

By Lois Calderon | CNN

July 2, 2021

The Philippine Stock Exchange (PSE) wants to be in the game when regulators give the go signal for the trading of cryptocurrencies, CNN reports.

The local bourse should be the exchange platform for crypto assets, according to PSE president and CEO Ramon Monzon quoted by the TV news network. The idea was discussed during a top management meeting two weeks ago, he added.

“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 important, we’ll be able to have investor protection safeguards especially with a product like crypto,” Monzon was quoted as saying.

Cryptocurrencies like Bitcoin and ethereum are digital assets, but very few crypto trading platforms are listed, like Wall Street’s Coinbase.

“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),” Monzon added.

As early as 2019, corporate regulator Securities and Exchange Commission (SEC) began seeking comments from banks, investors, and the public on whether the Philippines is ready to build a cryptocurrency exchange.

The exchange, according to Monzon, is just awaiting guidelines from the SEC and other regulators.

Copyright © 2021 CNN

Image: PxHere

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