The National Telecommunications Commission (NTC) has ordered all internet service providers to block access to 50 online trading platforms. The directive, issued this week, follows a formal request from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
The targeted platforms are operating as Virtual Asset Service Providers without the necessary authorization from the BSP. This action is part of a wider crackdown on unregistered financial services.
According to the NTC, the move is grounded in updated regulations, specifically Section 902-N of the Manual of Regulations for Non-bank Financial Institutions, which was revised by BSP Circular No. 1206. These rules require virtual asset service providers to register with the central bank to operate legally in the Philippines. The goal is to ensure consumer protection and maintain financial stability.
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The commission did not publish a full list of the 50 blocked platforms in its main announcement. However, it acknowledged that the action was prompted by recent public scrutiny over the blocking of a major global online trading platform, hinting that other international entities may be affected as regulations tighten.
The regulator reiterated that all financial service providers must comply with the BSP’s registration requirements to operate legally. The government says it is strengthening oversight of the digital economy to mitigate risks from unauthorized transactions and unregulated exchanges.