50 online trading platforms face shutdown
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The National Telecommunications Commission (NTC) has directed internet service providers to immediately block access to 50 online trading platforms operating without Bangko Sentral ng Pilipinas (BSP) approval.
“This NTC authority is exercised in aid of relevant government regulatory and enforcement entities and councils, to prevent the continued operations of these unregistered entities and to safeguard the public against unauthorized activities as determined by the BSP,” the commission said in a statement on Monday.
The move follows a formal BSP request to disable applications, platforms, and websites of unlicensed Virtual Asset Service Providers (VASPs) under Section 902-N of the Manual of Regulations for Non-bank Financial Institutions, as amended by BSP Circular No. 1206 series of 2024.
The guidelines prohibit unregistered entities from engaging in VASP activities in the country.
The NTC issued the clarification after reported Filipino investors’ complaints when telcos blocked access to the global trading platform Interactive Brokers.
The BSP exercises regulatory 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, which empowers it to authorize which entities may legally operate.
