The Philippines cracks down on unlicensed virtual asset service providers, blocking Coinbase and Gemini.

PANews reported on December 24 that, according to Cointelegraph, Philippine Internet Service Providers (ISPs) have begun blocking major cryptocurrency exchanges after regulators tightened local licensing oversight of cryptocurrency service providers.

Users have reported that they are unable to access global cryptocurrency exchanges Coinbase and Gemini in the Philippines, with multiple local ISPs also unable to access these platforms. The ISPs' blocking actions are based on an order from the National Telecommunications Commission, which instructs service providers to restrict access to 50 online trading platforms deemed unauthorized operations by the Central Bank of the Philippines (BSP).

The Central Bank of the Philippines has not released a full list of platforms affected by the order. However, this change indicates that local regulators are shifting from an informal, tolerant approach to enforcement, and local licensing will become a decisive factor in access to the Philippine cryptocurrency market.