Philippine Stock Exchange Eyes Cryptocurrency Trading — Says 'It's an Asset Class That We Cannot Ignore Anymore'

The national stock exchange of the Philippines, the PSE, says cryptocurrency is “an asset class that we cannot ignore anymore.” The stock exchange further says cryptocurrency trading “should be done at the PSE,” given its infrastructure and investor protection safeguards.

• The Philippine Stock Exchange (PSE), the national stock exchange of the Philippines, is reportedly eyeing cryptocurrency trading. President and CEO Ramon Monzon said Friday that the PSE should be the exchange platform for crypto assets, CNN Philippines reported Friday.
• Noting that the matter was discussed during a top management meeting two weeks ago, Monzon said, “It’s an asset class that we cannot ignore anymore.” He was quoted as saying:

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.

• He explained that many people are attracted to cryptocurrencies “because of the volatility.” However, he warned that “Instant riches could be instant poverty too.”
• The stock exchange chief further explained: “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),” according to the publication. He additionally opined:

We’re waiting for the rules from the Securities and Exchange Commission (SEC) on how crypto or digital asset trading will be governed.

• The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has registered 17 cryptocurrency exchange service providers so far.
• The central bank established new guidelines for crypto asset service providers in January after seeing “accelerated growth” in the use of cryptocurrencies in the past three years. “It is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations,” the central bank wrote.