National Telecommunications Commissions Office in Quezon City. INQUIRER PHOTO / NINO JESUS ORBETA
MANILA, Philippines — The National Telecommunications Commission (NTC) has directed all internet service providers in the Philippines to immediately remove access to a list of 50 online trading platforms that are operating without authorization from the Bangko Sentral ng Pilipinas (BSP).
It said in a memorandum that the action was taken in support of a formal request from the BSP to disable applications, platforms, and websites of unlicensed or unregistered Virtual Asset Service Providers (VASPs).
The NTC explained that the directive is grounded on Section 902-N of the Manual of Regulations for Non-bank Financial Institutions, as amended by BSP Circular No. 1206, series of 2024, which sets out the guidelines for virtual asset service providers in the country.
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According to the commission, its authority to order the takedown is exercised in coordination with relevant government regulatory and enforcement bodies.
It explained that the move is intended to prevent the continued operation of unregistered platforms and to protect the public from unauthorized virtual asset-related activities identified by the BSP.
The memorandum also reiterated that the BSP exercises supervisory authority over money service businesses, including VASPs, under Section 3 of Republic Act No. 7653, or the New Central Bank Act, as amended by Republic Act No. 11211.
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These laws empower the BSP to authorize entities or individuals engaging in money service and virtual asset service activities.
The NTC issued the clarification following public attention generated by a report on the blocking of access to a global online trading platform, emphasizing that the takedown directive is part of a broader regulatory effort to enforce compliance with Philippine financial and telecommunications laws.
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