Philippines Cryptocurrency Exchange will Launch Soon : PSE

The Philippines stock exchange reported that government authorities of the Philippines may soon launch a Cryptocurrency Exchange because of the increasing demand.

The Philippines stock exchange analysed Cryptocurrency for a long time. And now in the present time PSE considers Cryptocurrency influence can’t be ignored and they can be classified into assets class category. 

Cryptocurrency trade has been legal in the Philippines for a long time but there are many types of restrictions to use Cryptocurrency directly because of boundation by the government of the Philippines because of the need of AML & securities law.

Ramon Monzon, CEO & president of PSE, said there will be a local market of Cryptocurrency exchange which will be under the government of Philippines and in control of government & stock exchange authorities.

Monzon also added why there is a big need for Cryptocurrency Exchange with the stock exchange market. 

“It’s because we have the trading infrastructure. But more importantly, we’ll be able to have investor protection safeguards especially with a product like crypto.

So clearly Monzon shared the points of government & pSE authorities to provide better security & safety and to follow the laws to restrict illegal activities, we need to conduct a local Cryptocurrency Exchange.

It should be noted that there are around 17 Cryptocurrency Exchanges which are under the license of the Philippines government to operate their operations. 

Probably here governments of the Philippines and other authorities, especially PSE, want to expand their earnings through the launch of their own Cryptocurrency Exchanges .

Benjamin Diokono, BSP governor, added that the government of Philippines saw there is a big increment of the users of Cryptocurrency and also people’s inclination in Cryptocurrency is more than in traditional financial systems or assets. And in the same way Cryptocurrency Exchanges grow their business year by year.

So it is better to look in the regulation system to make it more restricted so that we can give better safety to the Cryptocurrency users and also we can set a barrier to save people from any type of risk in this financial system evolution.

Read also: Coinbase’s First Crypto Office In India