The Philippines has recently woken up to the existence of digital assets. As a result, the spokesperson for Philippine Stock Exchange (PSE) has reportedly decided to address the increasing number of cryptocurrencies and trading going on in the region. According to the official declaration, it is impossible to keep sweeping the matter under the rug as the region’s crypto trading and exchange markets have grown to a vast scale.
Among the digital assets that are prevailing in the Philippines, the major emphasis has been out on Bitcoin. Ramon Monzon, CEO of the PSE, claims that it is high time that the regional bourse should be transformed into one of the centralized crypto exchange platforms to claim gains from the prospering industry. He told CNN news that the matter has already been discussed as the executive committee meeting agenda.
The central authority for banks is called the Bangko Sentral ng Pilipinas in the region. It has already approved the practice and licensing applications for 17 different crypto exchange platforms. Therefore, Monzon claims that it will be better for the crypto enterprises to be regulated under the flag of the central bank authorities.
At the outset, it seems that all is green and dandy for the crypto enterprises. However, the Sentral Bangko has also issued more austere guidelines for crypto-related trading since the beginning of the current year. The central bank spokesperson states that cryptocurrencies have become widely regulated in the region during the last three years. Benjamin Diokno, Governor of the Bangko, claims that the scope of regulation will play a vital role in shaping the future of the digital economy development for the region.
Monzon told the journalists from CNN that digital assets are free from the bounds of any centralized authority. However, the main cause of blockchain popularity in the region is its volatility. According to him, it is all about capital gains and revenue streams that are created from the inclusion and new investors. He also issued warnings about the get rich quick ideology that is often attached to digital assets.
According to Monzon, to mitigate the risk connected to cryptocurrencies, it will be better for the investors if exchange platforms are operated under the supervision of state agencies. The current surge of Bitcoin and altcoins trading in the Philippines was witnessed after the flagship cryptocurrency price surge past $64,500 in April.
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