Given the recent meteoric rise of the crypto industry, with El Salvador being the first to legalize Bitcoin (BTC), several other countries have also begun to make similar processes towards officially adopting crypto. While it is true that a lot of work remains to be done, one would be hard-pressed to deny the progress that has nevertheless been made by countries such as Vietnam, Paraguay, and most recently, the Philippines. To that end, the Philippines ’ own Stock Exchange (PSE) has decided to be the very first to successfully launch a crypto market in the country.
As such, the stock exchange is currently awaiting guidelines to be issued for the purposes of beginning trading activities via cryptocurrency. The PSE looks to lead the charge when it comes to providing crypto trading in the Philippines, and it expects that the country’s financial regulators shall provide the green light to do so sooner rather than later.
PSE should be prioritized
On the 2nd of July 2021, the PSE’s CEO and President, Ramon Monzon, had stated that the stock exchange should be given the reins when it comes to introducing the country’s citizens to crypto. He believes that the PSE should therefore be the Philippines’’ initial exchange platform upon which all crypto-oriented trading activities should be conducted.
As to why Ramon thinks this, his reasons include the fact that the PSE possesses the trading framework and infrastructure necessary for such activities to be successfully carried out on a nationwide scale. He further added that safeguards would also be administered to guarantee investor protection which is vital due to the high volatility of the crypto market.
Local SEC to provide guidelines
Before anything can be done, however, the country’s own SEC must provide the appropriate guidelines and instructions to the PSE as well as other various financial regulators.
Moreover, numerous regulators in the local government have been busy conducting in-depth analyses of the numerous regulations surrounding cryptocurrency assets and trading since 2019. this was also around the time when the country’s SEC had requested feedback from several investors, banks, and finally the general public as to whether the nation was indeed ready to construct its very own legitimate crypto exchange.
Ultimately, the future looks bright for crypto in the Philippines, as the local demand is incredibly strong with regard to digital payments. In fact, nearly 10% of the overall GDP had come from remittances, with approximately 10 million Filipinos currently working abroad.