The Philippine Stock Exchange (PSE) wants to be the platform for
trading crypto assets when the countrys regulators issue long-awaited
rules governing the practice, according to a report from CNN
Philippines.To get more news about
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PSE President and CEO Ramon Monzon told CNN that management first
discussed the idea of setting up a domestic crypto exchange two weeks
ago. The PSE has both the trading infrastructure and investor protection
safeguards that Monzon said are necessary to trade cryptocurrencies.
Monzon told CNN that mounting interest in cryptocurrencies means the
Philippines cannot ignore them anymore. The PSE is currently awaiting
guidelines from the Philippine Securities and Exchange Commission (SEC),
which began seeking comments from banks, investors, and the public in
2019 on whether the country should begin building a domestic crypto
exchange.
The country‘s government has historically been friendly toward digital
assets. The Philippine Central Bank, though it has been outspoken about
not considering the development of a central bank digital currency
(CBDC) anytime soon, has licensed over a dozen crypto exchanges to
operate in the country. And many Filipinos have become interested in
crypto as a way to make money in the country’s struggling economy, with
play-to-earn crypto mobile games like Axie Infinity becoming a popular
way to earn extra income.
Monzon told CNN that he believes the volatility of cryptocurrencies is
what makes them attractive, which is why trading should happen under
the watch of the PSE.
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