The Philippine Stock Exchange wants to be the country’s platform for trading crypto assets when regulators issue rules to govern the sector, according to a report by CNN Philippines.
Fast facts
- Stock exchange President and CEO Ramon Monzon said the bourse’s management had first discussed the idea of setting up a domestic crypto exchange two weeks ago. The exchange has both the trading infrastructure and investor protection safeguards that, according to him, are necessary to trade cryptocurrencies.
- Monzon said the bourse was waiting for guidelines from the country’s Securities and Exchange Commission and other regulators, which had begun seeking comments from banks, investors and the public in 2019 on whether a domestic crypto exchange shoud be set up, according to the report.
- Monzon said he believes the volatility of cryptocurrencies is what makes them attractive, which is why trading should take place under the supervision of the stock exchange.
- In April, the International Monetary Fund criticized the Philippine government’s lack of supervision of crypto exchanges. The IMF warned that international confidence in the nation could suffer if exchanges were left unchecked and potentially abused in financial crimes.