BigONE’s View:
Go upstream! Philippine Stock Exchange applies to open cryptocurrency trading.
Many countries and regions worldwide still have strict regulations on cryptocurrency transactions and mining activities as of July. The major countries, such as China and the United States, are the most important among them. Still, some countries expect to use cryptocurrency through legalization or other means. The transaction is part of the regulatory sequence. When the Philippine regulator recently issued regulatory rules for virtual currencies, the Philippine Stock Exchange (PSE) expressed its desire to become a trading platform for crypto assets. BigONE believes that this is yet another piece of good news following El Salvador’s Bitcoin legislation, which allows people to see the possibility of combining traditional financial institutions and cryptocurrencies.
According to Ramon Monzon, President and CEO of PSE, the country’s management discussed the idea of establishing a domestic cryptocurrency exchange for the first time two weeks ago. In addition, PSE has the necessary trading infrastructure and investor protection measures in place to trade cryptocurrencies. Everything is ready, and all that is needed is an east wind. If PSE passes the audit, BigONE believes it will be a watershed moment for global virtual currency exchanges. The formula’s meaning will also have a significant impact on legal compliance.
Because of the growing interest in cryptocurrencies, the Philippine government will be unable to ignore their existence. According to the BigONE Asian Operation Center, PSE is currently awaiting the Philippine Securities and Exchange Commission (SEC) guidelines, which were initiated in 2019 to solicit opinions from banks, investors, and the general public on whether the country should begin establishing a domestic cryptocurrency exchange. It can be said that it is a national effort, demonstrating the importance it places on cryptocurrency exchanges. BigONE has been cultivating the cryptocurrency industry for many years and understands how difficult it is, especially regarding the user’s service experience and asset security, which has always been a priority for BigONE. “More than asset security” is not just a catchphrase for BigONE. It is the cryptocurrency trading industry’s attitude.
The Philippine government, according to BigONE, has always been supportive of digital assets. Although its central bank has stated unequivocally that it will not consider developing a central bank digital currency (CBDC) anytime soon, it has authorized more than a dozen cryptocurrency exchanges to operate in the country. Many Filipinos, particularly young people, have expressed an interest in cryptocurrencies, and the Philippines has adopted cryptocurrency transactions to make money when the country’s economy is struggling. Money-making encrypted mobile games have become a popular way to supplement one’s income in the Philippines, and crypto asset trading has become ingrained in the country’s culture.
BigONE has never stopped operating the virtual currency trading market in the Philippines because we understand how much digital assets are valued there. Although cryptocurrencies are as volatile as stocks, this volatility makes them more appealing because cryptocurrency trading is the only legal way for people to become wealthy and escape poverty. This is also why the PSE should regulate cryptocurrency transactions.
About BigONE
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.
