The Philippine Stock Exchange (PSE) plans to provide cryptocurrency-related services. Its president and CEO Ramon Monzon told CNN Philippines.
"If there should be any exchange for cryptocurrencies, it should be PSE. Why? Firstly, we have the trading infrastructure. But more importantly, we can provide investor protection, especially with products like digital assets," he said.
According to Monzon, the site's management first discussed the idea of a national bitcoin exchange a fortnight ago. He stressed that the Philippines can no longer ignore cryptocurrencies because of the growing demand from investors.
"Many people are attracted to it [cryptocurrency] because of its volatility. Instant wealth can turn into instant poverty. If structured cryptocurrency trading emerges in the Philippines, it should happen under our watch," the exchange chief added.
Monzon noted that PSE is currently unable to offer such services as local financial regulators have yet to publish the relevant regulatory requirements.
In 2019, the Securities and Exchange Commission of the Philippines sought comments from banks, investors and the public on the country's readiness to launch a cryptocurrency exchange.
In July 2020, local central bank Bangko Sentral ng Pilipinas (BSP) began exploring the possibility of issuing a CBDC. In November, the regulator questioned whether this would happen in the near future as it saw a need for further research.
Recall that in January 2021, the BSP made it mandatory for companies providing digital asset services in the country to obtain relevant licences.