The Philippines has escalated its crackdown on unlicensed cryptocurrency platforms, with internet service providers beginning to block access to major global exchanges, signaling a decisive shift toward stricter enforcement of local crypto regulations.

Philippine Senator Bam Aquino has proposed putting the country’s entire national budget on blockchain so citizens can track all government spending. The plan builds on existing blockchain initiatives but faces technical and political challenges before it can be fully implemented.

A Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.

The Philippines has warned ten major offshore crypto exchanges, including OKX and Kraken, for operating without a licence under new rules. The regulator says these platforms pose risks to investors and may face legal action or website blocks.

The Philippines has introduced strict new rules for crypto companies, requiring them to register, hold at least PHP 100 million in capital, and have a physical office in the country. Firms that fail to comply could face heavy fines or jail time, as the government moves to tighten control and protect users.

Five South Korean fugitives were arrested in Muntinlupa for a $2.9 million cryptocurrency scam, while a sixth was caught in Pasay for larceny. Separately, an Indonesian drug courier was denied entry at NAIA and sent back to Bangkok.

Last Tuesday (September 3), Philippine Chinese female mayor Alice Guo (Guo Huaping) was arrested in Tangerang City, Greater Jakarta, Indonesia, and was later extradited back to the Philippines to face trial on Friday.

上周二（9月3日）菲律宾华人女市长Alice Guo（郭华萍）在印度尼西亚的大雅加达地区的丹格朗市被逮捕，随后于周五被引渡回菲律宾接受审判。

PHPC is gaining traction in the Philippine remittance market amidst a backdrop of previous failed attempts at peso-pegged stablecoins.