The Philippine Stock Exchange (PSE) is considering trading digital currencies, according to local reports. The head of the exchange believes that if Filipinos trade digital currencies, the exchange is in the best position to serve them compared to existing exchanges. However, he acknowledged that the industry regulator has yet to provide guidance for digital currency trading platforms.
The PSE is the national stock exchange of the Philippines, with a market capitalization of over $ 250 billion. According to its president and CEO Ramon Monzon, the exchange is best positioned to serve the digital currency fraternity in the Southeast Asian country.
Speaking to CNN Philippines, Monzon confirmed that PES senior management is discussing the idea of ââintegrating digital currencies, noting that he believes the exchange already has an advantage over existing digital currency trading platforms in the United States. Philippines.
He told the point of sale: âIf there was to be a crypto exchange, it would have to be done at the PSE. Why? First, it’s because we have the commercial infrastructure. But more importantly, we will be able to have guarantees of investor protection, especially with a product like crypto.
The PSE, if it does eventually go into digital currencies, will join other leading exchanges that are already exploring the sector. The German Deutsche BÃ¶rse is one of those who have made the biggest leap forward. A week ago, the exchange acquired a majority stake in Crypto Finance, a Swiss digital asset trading and brokerage company.
The PES chairman, however, warned investors not to expect risk-free conduct with digital currencies.
He said, âThese are all capital gains, which means the price I get for my crypto is the price you’re willing to payâ¦ So a lot of people are drawn to this because of the volatility. Instant wealth could also be instant poverty.
âIf there is to be any structured crypto trade in the Philippines, it should be under our watch,â he added.
Despite its best interests, the PSE is limited when it comes to digital currencies by the state of regulation in the Philippines, Monzon said. The PES is awaiting instructions from the country’s Securities and Exchange Commission.
“Unfortunately, we are not in a position to do this now because we do not yet have any rules from the regulator,” he added.
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