The PSE wanted to host cryptocurrency trading for investors’ protection.
The Philippine Stock Exchange Inc (PSE) said that it wanted to host cryptocurrency trading for investors’ protection.
In an online news briefing last Friday, PSE President Ramon S. Monzon said that they’re waiting for the rules from the Securities and Exchange Commission (SEC) on how digital asset or cryptocurrency trading will be governed.
“We’re waiting for the rules from the Securities and Exchange Commission on how crypto or digital asset trading will be governed. It’s an asset class that we cannot ignore anymore,” Monzon said.
BusinessWorld reported that the Philippine Stock Exchange may host cryptocurrency trading so that it can engage in investor education and protection.
Cryptocurrency trading involved speculating price movements through a “contract for difference (CFD)” trading account or selling and buying the underlying coins through an exchange.
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“If there’s going to be any structured trading of crypto in the Philippines, that should be with us so we can engage in investor education and protection,” Monzon said.
CNN reported that cryptocurrencies were not issued by a central authority, making them difficult to regulate or control by governments or central authorities.
Based on a report on CNN, that bitcoins saw a run-up in prices to more than USD 60,000 early this year before the rally tapered off amidst a China crackdown on cryptocurrency traders, making the asset plunged to about USD 30,000.
Hence, the PSE said that cryptocurrencies were an asset class the Philippines can’t ignore anymore, given mounting interest.
Furthermore, the Philippine Stock Exchange mentioned that it would continue to promote initiatives and policies that will increase market depth and to improve efficiency as it elected new directors.
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