Cryptocurrency trading could be hosted by PSE. To protect investors, the Philippine Stock Exchange, Inc. (PSE) wants to host cryptocurrency trading.
During an online news briefing on Friday. PSE President Ramon S. Monzon said, “We’re waiting for the Securities and Exchange Commission (SEC). To issue rules on how crypto or digital asset trading will be governed. ” “It’s an asset class that we can’t afford to ignore any longer,” says the author.
According to him, “If there’s going to be any organized trading of cryptocurrency in the Philippines. That should be with us so that we can engage in investor education and protection.”
Cryptocurrency trading is the act of speculating on the price movements of cryptocurrencies. Either through the use of a contract for difference trading account. Or by purchasing and selling the underlying coins on an exchange.
In January, the central bank requested that service providers of virtual currencies. And assets complete background checks on their consumers and increase consumer protection. The central bank has allowed 17 virtual currency exchange services.
Darren Blaine T. Pangan, a trader for Timson Securities, Inc., said in a Viber message. That the move might assist local traders by making it easier for them. To access a larger range of assets and thus provide them with more opportunities to diversify their portfolio.
The Philippine Stock Exchange, which just elected new directors, stated that it would also continue to advocate policies. And measures that will grow market depth and improve efficiency.
It also appointed two independent directors Gilberto C. Teodoro Jr. and Tomas I. Alcantara as nonbroker directors. Who would represent other market participants, to the board of directors.
They will be joining reelected independent directors Jose T. Pardo, Teresita L. De Castro, Consuelo D. Garcia, and Vicente L. Panlilio. On the board of the Philippine Stock Exchange.
A nonbroker director representing issuers, Anabelle L. Chua, was also re-elected to the board of directors.
Ferdinand K. Constantino and Rolando Jose L. Macasaet were re-elected to their positions as nonbroker directors. Representing the interests of shareholders.
As reported by BusinessWorld, the Philippine Stock Exchange (PSE) may host cryptocurrency trading. So that it can engage in investor education and protection activities.
When it comes to structured trading of cryptocurrency in the Philippines. Monzon also believes it should done in collaboration with the government. So that we can engage in investor education and protection.
When it comes to cryptocurrency trading, you can either speculate on price movements. Using a contract for difference (CFD) trading account, or you can purchase and sell. The underlying coins on an exchange, as described above.
Moreover, An article published on CNN stated that cryptocurrency issued by no single authority. Making it also difficult for governments or central agencies to exert control over them and regulate their use.
Furthermore, according to CNN, bitcoins had a surge in value to more than USD 60,000 early this year. Before the rally slowed as a result of a Chinese crackdown on cryptocurrency trading. Causing the asset to plummet to approximately USD 30,000. As a result, the Philippine Stock Exchange (PSE) said that cryptos are an asset class that the country. It cannot ignore any longer, given the growing interest.
The PSE also stated that it will continue to push policies and activities that will strengthen market depth. And efficiency as it elected new directors, and that this would be also the case going forward.