The Philippine Stock Exchange, Inc. (PSE) wants to host the trading of cryptocurrencies to protect investors.
“We’re waiting for the rules from the Securities and Exchange Commission (SEC) on how crypto or digital asset trading will be governed,” PSE President Ramon S. Monzon told an online news briefing on Friday. “It’s an asset class that we cannot ignore anymore.”
“If there’s going to be any structured trading of crypto in the Philippines, that should be with us so we can engage in investor education and protection,” he said.
Cryptocurrency trading is the act of speculating on cryptocurrency price movements through a contract for difference trading account, or by buying and selling the underlying coins via an exchange.
The central bank in January asked service providers of virtual currencies and assets to conduct background checks on customers and improve consumer protection. There are 17 virtual currency exchange services authorized by the central bank.
“It may benefit local traders by granting easier access to a wider range of assets, thus providing avenues for more ways to diversify their portfolio,” Darren Blaine T. Pangan, a trader for Timson Securities, Inc. said in a Viber message.
Meanwhile, the PSE said it would continue to promote policies and initiatives that will increase market depth and improve efficiency, as it elected new directors.
The bourse elected new independent director Gilberto C. Teodoro Jr. and Tomas I. Alcantara, a nonbroker director representing other market participants.
They will join the PSE board with reelected independent directors Jose T. Pardo, Teresita L. De Castro, Consuelo D. Garcia and Vicente L. Panlilio.
Anabelle L. Chua was also reelected as a nonbroker director representing issuers.
Ferdinand K. Constantino and Rolando Jose L. Macasaet were reelected as nonbroker directors representing investors.
Broker-directors Diosdado M. Arroyo, Eddie T. Gobing, Wilson L. Sy and Ma. Vivian Yuchengco were given fresh mandates. — Keren Concepcion G. Valmonte