PSE expresses interest in hosting the trading of cryptocurrencies to protect investors

The Philippine Stock Exchange, Inc. (PSE) has expressed interest in hosting 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. It’s an asset class that we cannot ignore anymore,” said Ramon S. Monzon, PSE President.

“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 added.

Investopedia defines a cryptocurrency as “a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.”

Cryptocurrency trading is the act of speculating on their price movements through a contract for a different trading account or by buying and selling them via an exchange. 

The central bank in January asked service providers of digital assets to conduct background checks on customers and improve consumer protection. There are currently 17 digital asset 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,” said Darren Blaine T. Pangan, Timson Securities, Inc.

Meanwhile, the PSE said it will continue to promote policies and initiatives that increase market depth and improve efficiency as it elects new directors. 

It recently elected new independent director Gilberto C. Teodoro Jr. and Tomas I. Alcantara, a non-broker director representing other market participants. 

They will be joining 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 non broker director representing issuers. 

Ferdinand K. Constantino and Rolando Jose L. Macasaet were also re-elected as non-broker directors representing investors. 

Broker-directors Diosdado M. Arroyo, Eddie T. Gobing, Wilson L. Sy and Ma. Vivian Yuchengco were also given fresh mandates.

SOURCE: Business World