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The Philippine Stock Exchange (PSE) said that cryptocurrency trading should be done on its platform as it can offer investor protection safeguards. The exchange noted that mounting interest in crypto means that the asset class cannot be ignored anymore.
The PSE’s plan to offer crypto trading on its platform was revealed by PSE president and CEO Ramon Monzon in an interview with CNN on Friday, July 2, 2021. He added that the idea was first discussed in a top management meeting two weeks ago.
“If there should be any exchange for cryptos, it should be done at the PSE,” Monzon said. “Why? Number one, it's because we have the trading infrastructure. But more important, we'll be able to have investor protection safeguards especially with a product like crypto.”
The PSE CEO explained that many are attracted to crypto due to the volatility of its price. Investors could rake in big profits if they time their trading just right. However, the reverse is also true and poorly timed trades could also mean equally large losses.
“Cryptocurrencies have no fundamentals,” Monzon said. “It's all capital gains, meaning the price I get from my crypto is the price you are willing to pay... So a lot of people are attracted to that because of the volatility. Instant riches could be instant poverty too.”
The PSE head believes that the exchange can offer better investor protection safeguards. What’s stopping it at the moment is that they are still waiting for crypto guidelines from the Philippine Securities and Exchange Commission (SEC).
“If there's going to be any structured trading of crypto in the Philippines, it should be under our watch),” Monzon added. “Unfortunately, we are not in a position to do that now because we don't have rules yet from the regulator.”
The SEC sought comments from investors, banks, and the public on 2019 on whether the Philippines is ready to build its own domestic crypto exchange.
