![](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\")
<\/p>\n
According to what CEO Ramon Monzon and PSE President disclosed to our source, the stock exchange management met two weeks ago about this idea. The discussion leaned towards establishing a cryptocurrency exchange in the Philippines.<\/p>\n
The two heads of the stock exchange maintained adequate investor-protection safeguards and trading infrastructure to ensure a seamless experience for traders. According to them, these two factors are very critical to cryptocurrency trading.<\/p>\n
Rising Interest In Philippines Necessitates Local Cryptocurrency Exchange<\/h2>\n
CEO Monzon told our source that the Philippians are becoming more interested in cryptocurrencies. As such, it’s no longer ideal to ignore the need for a local crypto exchange to cater to the need of crypto investors.<\/p>\n
That’s why they’re only waiting for the SEC’s guidelines on how to operate such an exchange in the country.<\/p>\n
Related Reading | GBTC Unlocks Spells Doom For Bitcoin? Top Expert Breaks It Down<\/em><\/p>\n Monzon also disclosed that the Philippian SEC had started its inquiries into the necessity of approving a crypto exchange in the country.<\/p>\n According to the CEO, SEC has been gathering comments from investors, the public, and even banks since 2019. The agency has been trying to find out their inputs about establishing a cryptocurrency exchange in the country.<\/p>\n The cryptocurrency market is up by 1% after dropping significantly a few days ago | Source:TradingView.com<\/p>\n The Philippines has always been supportive of digital assets. Based on the Philippine Central Bank activities, it is obvious that the country is a crypto-friendly territory.<\/p>\n The Central Bank had already approved many crypto exchanges in the country by issuing them the license to operate.<\/p>\n Also, the citizens haven’t lagged in the cryptocurrency frenzy taking over the financial market. More and more people are demanding digital payments, and up to 10% of the total GDP comes from remittances. This is not surprising as the country has at least 10 million people working overseas.<\/p>\n Also, many people are interested in exploring cryptocurrency investment to alleviate poverty in the country.<\/p>\n The economy is struggling to stay afloat, and many citizens see cryptocurrencies as a way out. Many people now play the “Axie Infinity” mobile games that pay winners in cryptocurrency to make extra income.<\/p>\n![](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/07\/cIMW5Xqf-860x532.png\")
<\/p>\n