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

Jul 5, 2021 | The Block News | 0 comments

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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.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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