The PSE (Philippine Stock Exchange) wants to be the first to launch the local crypto markets as soon as the financial regulators issue their rules and guidelines. “If there should be any exchange for cryptos, it should be done at PSE,” says the CEO.
Crypto explosion in 2021 forces regulators to speed up research and regulation
The crypto industry has been growing rapidly over the past four years, ever since it exploded in 2017. Despite the bear market that followed, development continued, and the industry became more accessible, significantly simpler, and it got countless new trends. With another, an even greater explosion in late 2020 and early 2021, there is no more room for regulators to wait around and see what will happen.
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The crypto sector is exploding rapidly, adoption is skyrocketing, and even institutions are entering and buying crypto throughout the world. This caused countless governments and regulators to finally move and either ban or regulate cryptocurrencies. Naturally, regulation is a preferable option, and many are waiting for their local regulators to give the green light on crypto.
PSE wants to be a go-to place for trading in the Philippines
One example is the Philippine Stock Exchange (PSE), which recently admitted that it aims to be the first official mover to crypto once the local SEC gives the green light. Its CEO, Ramon Monzon, stated that the exchange should be everyone’s number one choice for crypto exchange, for a variety of reasons. For example, it already has the trading infrastructure, it offers investor protection safeguards, and alike.
Monzon is still very aware and transparent regarding volatility, warning users that instant riches could easily also mean instant poverty. However, provided that investors and traders are still interested and know what they are doing, PSE is ready to serve them.
The local government regulators have been researching cryptos for almost three years now, starting in 2019. Back then, the SEC asked for feedback from everyone, including the banks, investors, and the general public, asking them if the country is ready to create its own, fully-fledged crypto exchange.
The Philippines have seen growing demand for crypto over the years, with their use for remittance being one of the largest in the country. With the demand for crypto and their use growing over the years, the country’s central bank even established new guidelines for any crypto asset service provider earlier this year, in January.
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