NTC takes down 50 unregistered online trading platforms

The National Telecommunications Commission (NTC) has blocked access to dozens of online trading platforms in line with the request of the Bangko Sentral ng Pilipinas (BSP) to safeguard the public from unauthorized platforms operation.

In a statement, the NTC said it issued a memorandum to all internet service providers (ISPs) "directing the immediate removal of a list of 50 entities" virtual asset service providers (VASPs).

The order was pursuant to the formal request of the BSP to disable applications, platforms, and websites of unregistered or unlicensed VASPs in accordance with the Section 902-N of the central bank's Manual of Regulation for Non-bank Financial Institutions, as amended by BSP Circular 1206 series of 2024, which sets guidelines for VASPs.

The BSP, the telecommunications space regulator, said it exercised its authority under the New Central Bank Act over money service businesses which include VASPs.

The NTC, for its part, said its authority was exercised in aid of relevant government regulatory and enforcement entities and councils "to prevent the continued operations of unregistered entities and to safeguard the public against unauthorized VASPs activities as determined by the BSP." — VDV, GMA Integrated News