The Philippines Stock Exchange (PSE) is eyeing digital currency trading, according to local reports. The exchange’s head believes that if Filipinos are going to trade digital currencies, the stock exchange is best placed to serve them over the existing exchanges. However, he acknowledged that the industry regulator has yet to offer direction 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 placed to serve the digital currency fraternity in the Southeast Asian country.
Speaking to CNN Philippines, Monzon confirmed the PSE’s top management has been discussing the idea of integrating digital currencies, noting that he believes that the stock exchange already has an edge over the existing digital currency trading platforms in the Philippines.
He told the outlet, “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.”
The PSE, if it eventually gets into digital currencies, will be joining other top stock exchanges that are already exploring the industry. One of those that have taken the biggest leaps is Germany’s Deutsche Börse. A week ago, the exchange acquired a majority stake in Crypto Finance, a Swiss digital asset trading and brokerage firm.
The PSE president, however, warned investors against expecting a risk-free ride with digital currencies.
He stated, “It’s all capital gains, meaning the price I get from my crypto is the price you are willing to pay… So a lot of people are attracted to that because of the volatility. Instant riches could be instant poverty too.”
“If there’s going to be any structured trading of crypto in the Philippines, it should be under our watch,” he added.
Despite its best interests, the PSE is restricted in regards to digital currencies by the state of regulations in the Philippines, Monzon said. The PSE is awaiting direction from the country’s Securities and Exchange Commission.
“Unfortunately, we are not in a position to do that now because we don’t have rules yet from the regulator,” he added.
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