Local Licensing Becomes Key Requirement as Authorities Escalate Crypto Enforcement
The Philippines has intensified its regulatory stance on digital assets, with authorities moving to block access to major global cryptocurrency exchanges that lack local authorization. The latest action signals a decisive shift toward stricter enforcement, making regulatory compliance a prerequisite for market access.
Internet service providers across the Philippines have begun restricting access to Coinbase and Gemini, following directives linked to national regulators. Users confirmed that both platforms became inaccessible, reflecting a broader effort to curb the operations of unlicensed virtual asset service providers (VASPs).
The enforcement action follows guidance from financial authorities identifying dozens of online trading platforms operating without approval. While a full list has not been publicly disclosed, the move underscores a policy change from regulatory tolerance to active market policing. Authorities are now prioritizing investor protection and financial oversight by requiring crypto firms to secure local licenses before offering services.
This is not the first time regulators have taken decisive action. In late 2023, a major international exchange was given a compliance window before being blocked nationwide in 2024. App store removals soon followed, reinforcing the government’s willingness to use multiple enforcement tools. More recently, several other well-known exchanges were flagged for operating without authorization.
At the same time, regulated players are expanding crypto services in the country. Licensed exchanges and digital banks have launched products enabling stablecoin payrolls and in-app crypto trading, offering compliant alternatives for local users.
Overall, the crackdown highlights a clear regulatory message: only licensed platforms will be allowed to operate, reshaping how global crypto firms approach the Philippine market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.