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Philippine Stock Exchange plans to host crypto trading

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The Philippine Stock Exchange, Inc. (PSE) shows its interest in hosting crypto trading to protect investors.

In a statement, PSE President Ramon S. Monzon said that they’re currently waiting for the Security and Exchange Commission (SEC) rules about how cryptocurrency or digital asset trading will be governed. He added that crypto is an asset class that cannot be ignored anymore.

Monzon also said that if structured trading of crypto will be present in the Philippines, they should have it to educate and protect investors.

For those unfamiliar, cryptocurrency trading is a move of speculating crypto price movement and acting upon it by buying and/or selling different types of coins via an exchange.

Back in March, the Bangko Sentral ng Pilipinas announced that they would be licensing crypto trading and custody firms to prevent money laundering. Earlier, BSP also asked service providers to conduct background checks on customers for better protection.

As of now, the central bank has authorized 17 virtual currency exchange services.

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Trader Darren Blaine T. Pangan showed his enthusiasm for government intervention by saying that it may benefit local traders as it can provide easier access to a wider range of assets.

PSE has elected independent directors Gilberto C. Teodoro J4. and Tomas I. Alcantara to promote policies and initiatives to increase market depth and improve efficiency.

Via: Business World

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