50 online trading platforms face shutdown

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 VASP activities as determined by the BSP,” the commission said in a statement on Monday.

Unlicensed Virtual Asset Service Providers

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.

Complaints by Filipino investors

The NTC issued the clarification after reported Filipino investors’ complaints when telcos blocked access to the global trading platform Interactive Brokers.

Under Section 3 of Republic Act 7653 or the New Central Bank Act as amended by R.A. 11211, regulatory authority is exercised by the BSP over money service businesses, including VASPs. The same measure also empowers the BSP to authorize which entities may legally operate.