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