NTC and BSP Crack Down on Unauthorized Financial Services
The National Telecommunications Commission has ordered a major internet blockade. At the request of the Bangko Sentral ng Pilipinas, the NTC directed all ISPs to block access to 50 online trading platforms.
This move targets platforms operating as Virtual Asset Service Providers without BSP authorization. The late-December crackdown signals a significant tightening of market access rules in the Philippines.
By December 25, users began reporting that major global exchanges like Coinbase and Gemini had become unavailable on local networks. The action follows public scrutiny over the earlier blocking of another platform, Interactive Brokers.
Legal Grounds and Consumer Protection
The BSP’s request is grounded in specific financial regulations. It cites Section 902-N of the Manual of Regulations for Non-bank Financial Institutions, which was revised by BSP Circular No. 1206.
These rules mandate that all virtual asset service providers must register with the central bank to operate legally. The primary goal is to ensure consumer protection and maintain the country’s overall financial stability.
A Wider Regulatory Push
This is not an isolated event but part of a broader crackdown. Authorities are actively monitoring the online financial space to ensure compliance with Philippine laws.
The BSP exercises its regulatory power under Republic Act No. 7653, as amended by Republic Act No. 11211. The NTC, meanwhile, uses its authority to aid other government enforcement agencies in these matters.
While the NTC did not publish the full list of 50 blocked entities, the inclusion of large names confirms the seriousness of the sweep. The directive seeks to shield the public from the risks of unlicensed operators.
What’s your take on this regulatory move? Do you think blocking access is the most effective way to protect investors, or does it limit financial access? Let us know your thoughts in the comments.
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