The Philippine Stock Exchange (PSE) is striving towards the goal of becoming the first to engage in crypto exchanges whenever the country is set for it. The Cable News Network (CNN) in their July 2 report stated that Ramon Monzon who doubles as the president and chief executive officer (CEO) of PSE said that the group’s major aim is to take the lead in crypto asset trading whenever authorities allow it.
He said that the group is most eligible for such in the country. This is because the platform has all the facilities to support crypto transactions. According to Ramon, the platform does not only boast of trading facilities but also the provision of conducive environment for investments by bringing investment risks to the lowest ebb. The group readily looks up to the Securities and Exchange Commission of the country to provide the necessary principles for crypto operations in the country.
Notwithstanding Ramon’s enthusiasm for crypto trading, he is not ignorant of the high mutability of crypto assets. To him, making money cheaply could also amount to loosing it cheaply. Financial authorities in the Philippines started since 2019 to examine the country’s level of preparedness as regards involvement in crypto operations. The SEC had in the above-mentioned year solicited for information from different financial institutions, stakeholders and the populace on whether Philippines should adopt full-scale crypto transactions.
There is nonetheless need for digital remittances in the Philippines. It is estimated that 10% of the annual money realized from all the finished goods and services within Philippines is gotten from digital payments. This however is majorly from services engaged in by roughly 10 million citizens of Philippines living abroad.
The country has in recent years pursued a crypto-friendly status. The regions mapped out for economic activities in Cagayan was in 2018 opened for the establishment of crypto companies. In January this year, the reserve bank provided new operation policies for crypto asset dealers in line with the observed exponential rise in the number of people exposed to and dealing with digital assets over the last three years.
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