Philippine Stock Exchange Plans to Become a Crypto Trading Platform

The Philippine Stock Exchange aims to become a pioneer in cryptocurrency trading in the country, according to a recent report.
The stock exchange will initiate the plan once the Philippines Securities and Exchange Commission and financial regulators give their way forward.
The Philippine Stock Exchange appears to have been waiting for this approval and has made preparations for it. According to information revealed by CEO Ramon Monzon and President of the Philippine Stock Exchange, the stock exchange management held a meeting on the idea two weeks ago and the results of the meeting were in favor of establishing a cryptocurrency exchange in the Philippines.
The two heads of the stock exchange pointed out that adequate investor protection guarantees and trading infrastructure to ensure traders have a good experience are crucial for cryptocurrency trading.
The Philippines is seeing a growing interest in local cryptocurrency exchanges. Ramon Monzon said that Filipinos are becoming more and more interested in cryptocurrency exchanges. Therefore, ignoring local cryptocurrency exchanges is not an ideal approach.
The Philippines needs a guideline on how to operate an exchange in the Philippines.
Ramon Monzon also revealed that the Philippines Securities and Exchange Commission has begun investigating whether it is necessary to approve cryptocurrency trading in the country.
Ramon Monzon claimed that the Philippine Stock Exchange has been collecting suggestions from investors, the public, and even banks since 2019, trying to understand their input on what is needed to establish a cryptocurrency exchange in the Philippines.
The Philippines has always been supportive of digital assets, and judging by the activities of the Central Bank of the Philippines, it is clear that the Philippines is a crypto-friendly region.
The Philippines central bank has approved many cryptocurrency exchanges in the country and issued them operating licenses.
In addition, citizens are increasingly enthusiastic about using cryptocurrencies as an alternative to traditional financial markets, and more and more people are demanding digital payments, after all, up to 10% of the Philippines' GDP comes from remittances. This is not surprising, as at least 10 million Filipinos work overseas.
Additionally, many are interested in exploring cryptocurrency development to alleviate poverty levels in the country.
The economy is struggling to stay afloat, and many citizens see cryptocurrency as a way out.
Many people are now playing the mobile game "Axie Infinity," which pays winners in cryptocurrency, to earn extra income.
As for the potential risks of cryptocurrency trading, the Philippine Stock Exchange CEO believes that it is better to trade on a strictly regulated platform.
He believes that the price of cryptocurrencies is volatile, which is part of their appeal. However, the Philippine Stock Exchange should be responsible for monitoring cryptocurrency payments and transactions. (Blockchain Knight)