The Philippines has intensified its regulatory oversight on virtual asset service providers, leading to the blocking of major cryptocurrency exchanges Coinbase and Gemini. This move follows an order from the National Telecommunications Commission, which instructed local Internet Service Providers (ISPs) to restrict access to 50 online trading platforms deemed unauthorized by the Central Bank of the Philippines (BSP). The BSP has not disclosed the full list of affected platforms. This regulatory shift marks a significant change in the Philippines' approach to cryptocurrency, moving from a previously informal stance to stricter enforcement. The crackdown underscores the importance of local licensing for cryptocurrency exchanges seeking to operate within the Philippine market.