Stock Exchange of the Philippines is working on launching its own exchange, which will be ready to trade cryptocurrency once it receives the approval it needs from respective regulatory authorities.
Increasing Demand becomes Diamond to the eyes
The Stock Exchange has expressed its opinion about cryptocurrency, stating that this huge demand for cryptocurrencies that continues to rise on a daily basis is not something that is to be ignored because it can lead to a wide variety of trading opportunities, giving the country an economic boost in value. President and CEO of the Stock Exchange Ramon Monzon made a few statements back on Friday of last week, saying that the local exchange market should work together with crypto-based exchange to bring value to the economy. Monzon also said that the top management has already been notified of this strategy, so it is certain that we might see something new come together. In Addition to that, CEO Monzon also gave importance to the point that investors will gain protections when dealing with crypto products, so there is a great opportunity.
Due to its questionable volatility and value fluctuations, crypto trading does attract a lot of traders into the market, but it is still important that these currencies stay under close inspection in order to protect both traders and consumers from any dangerous activity. Since the Stock Exchange doesn’t have that level of power, it has to wait for regulatory authorities countrywide to approve the trading of cryptocurrencies. There are many other regulatory authorities besides the stock exchange that includes the Philippines SEC, Insurance Commission, Philippines Central Bank, and a few others.
Philippines Support for the Crypto Industry
Looking at the country’s crypto-related activities, the Philippines has become one of the quickest countries to accept cryptocurrencies, now challenging giants like Nigeria and Vietnam. According to information from sources, the Philippines already has around 17 crypto-based exchanges that are fully operational under the respective regulations. As of now, the adoption rate had grown so high that portfolio managers had no choice but to take part in them. The Central Bank of the Philippines also made an announcement back last year, saying that it was interested in developing a digital currency that would bring more to the table.