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The Philippine authorities continue to actively regulate the field of digital assets. The National Telecommunications Commission (NTC) has instructed the country's Internet service providers to block access to a number of online platforms, including popular crypto exchanges such as Coinbase and Gemini.

This decision was made based on a statement from the Central Bank of the Philippines (BSP), which believes that these services operate in the country without having the necessary licenses and permits from regulatory authorities. Thus, the authorities are seeking to establish stricter control over the turnover of cryptocurrencies in the country.

The Philippine authorities have long been committed to regulating the virtual currency market. Everyone remembers the Binance story. At the end of 2023, she was given three months to bring her activities in line with local laws. After the deadline expired and the platform did nothing, the Securities and Exchange Commission of the Philippines (SEC), together with the NTC, achieved its complete blocking through Internet service providers and the removal of the application from Google Play and the Apple App Store.

Even earlier, in August, the SEC issued warnings for other major platforms, for example, OKX, Bybit, KuCoin and Kraken. They were accused of illegal activities and demanded to register and implement KYC and AML procedures.

All this is done to reduce financial risks, control cash flows, and create a secure national crypto ecosystem. Most likely, local, regulated services will benefit, and global players will have to seriously adapt to local laws in order to gain access to the market.