The Philippine Stock Exchange Hardly Waits to Trade Cryptos

The Philippine Stock Exchange (PSE), the national stock exchange of the Philippines, is reportedly eyeing cryptocurrency trading, saying that cryptocurrency is "an asset class that cannot be ignored anymore at the PSE."

"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." said President and CEO Ramon Monzon. 

Ramon further explained that many people are attracted to cryptocurrencies "because of the volatility." However, he warned that "Instant riches could be instant poverty too."

The stock exchange chief added: "Unfortunately, we are not in a position to do that now because we don't have rules yet from the regulator. We're waiting for the rules from the Securities and Exchange Commission on how crypto or digital asset trading will be governed."

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has registered 17 cryptocurrency exchange service providers so far.

The central bank established new guidelines for crypto asset service providers in January after seeing "accelerated growth" in the use of cryptocurrencies in the past three years. "It is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations," said the central bank.