Brunei vs Philippines
Crypto regulation comparison
Brunei
Philippines
Restricted
Legal
Brunei has no specific cryptocurrency legislation. The BDCB (formerly AMBD) stated in 2017 that crypto is not legal tender and not regulated, warning the public about risks. Crypto is not banned but has no legal protection. No tax guidelines address crypto specifically.
The Philippines is one of the largest crypto markets in Southeast Asia. The BSP licenses Virtual Asset Service Providers (VASPs) under Circular 1108 (2021), and the SEC regulates crypto as securities where applicable. The Philippines saw massive adoption through play-to-earn games (Axie Infinity) and remittances. Crypto income is taxed at progressive income tax rates.
Tax Type
None
Tax Type
Income
Tax Rate
N/A
Tax Rate
0-35%
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Brunei Darussalam Central Bank (BDCB, formerly AMBD)
Regulator
BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
BSP regulates virtual asset service providers including stablecoin operations
Key Points
- BDCB stated in 2017 that crypto is not legal tender and not regulated
- Crypto not recognized as legal tender
- No specific cryptocurrency legislation
- Financial institutions discouraged from dealing in crypto
- No tax guidelines specifically address cryptocurrency
Key Points
- BSP Circular 1108 (2021) provides comprehensive VASP licensing framework
- BSP has licensed major exchanges including Coins.ph and PDAX
- SEC Philippines regulates crypto securities and has issued warnings on unregistered offerings
- Crypto income taxed at progressive rates (0-35%); 12% VAT may apply to exchanges
- Play-to-earn gaming (Axie Infinity) drove massive adoption, especially in rural areas