Philippine Stock Exchange: Rushing into the Virtual Currency Market! We are best suited to conduct crypto trading to protect investors.

The Philippine Stock Exchange (PSE) has stated that "cryptocurrency is an asset class that we cannot ignore anymore," and further added that cryptocurrency trading "should be done on the Philippine Stock Exchange given the infrastructure and investor protection measures."

According to a report by CNN, Ramon Monzon, the President and CEO of the Philippine Stock Exchange (PSE), mentioned that the idea of establishing a domestic cryptocurrency exchange in the Philippines was discussed at a senior management meeting two weeks ago.

During the meeting, he emphasized that many people are attracted to cryptocurrencies because of their "volatility," and he cautioned, "Overnight wealth can also quickly turn into a bubble." Therefore, PSE has the necessary trading infrastructure and investor protection measures in place for trading cryptocurrencies.

The Philippines has been friendly towards cryptocurrencies, with the Bangko Sentral ng Pilipinas (BSP) having registered 17 cryptocurrency service providers. Seeing the rapid growth of the cryptocurrency market over the past three years, the Philippine central bank issued new guidelines for cryptocurrency asset service providers in January.

The central bank stated, "We recognize the constantly evolving nature of this innovative finance and have put in place corresponding risk management. It is time to expand the existing regulatory scope."

Ramon Monzon told CNN that the increasing interest in cryptocurrencies indicates that the Philippines can no longer ignore them.

PSE is currently awaiting guidance from the Philippine Securities and Exchange Commission (SEC). The SEC began soliciting opinions from banks, investors, and the public in 2019 on whether the Philippines should start establishing domestic cryptocurrency exchanges.

In the past, the Philippine central bank has been clear that it does not consider developing a central bank digital currency (CBDC) in the short term but has authorized 17 cryptocurrency exchanges to operate in the country.

Many Filipinos have started to show interest in cryptocurrencies and are considering them as a way to make money and escape poverty. For Filipinos, Axie Infinity is not just a cryptocurrency game; the "play-to-earn" game has gained a large following in the Philippines. They use cryptocurrency mobile games to earn extra income, becoming a popular way to increase earnings.

This article is authorized to be republished from Horizon News Network.