Philippine Stock Exchange wants to provide crypto trading when regulators approve it

advertisement

The Philippine Stock Exchange (PSE), the national stock exchange of the Philippines, wants to provide crypto trading when regulators give the green light for it.

PSE president and CEO Ramon Monzon told CNN Philippines on Friday that the exchange would be an ideal platform for crypto trading because it has both the trading infrastructure and investor protection safeguards in place.

PSE, however, is currently awaiting guidelines from the Philippine Securities and Exchange Commission (SEC) and other regulators on cryptocurrencies, said Monzon.

The SEC in 2019 said it will issue draft guidelines for crypto exchanges. Last year, SEC chairman Emilio Aquino said the SEC has draft rules in place along with public comments and is looking to finalize them. But the regulator is yet to issue any rules.

Last year, the central bank of the Philippines approved several crypto exchanges in the country, including Bitan Moneytech, Rebittance Virtual Currency Philippines, and Bexpress. The central bank requires crypto exchanges to register as remittance and transfer companies. Exchanges are also required to put in place other measures, including anti-money laundering and consumer protection mechanisms.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More