North Korea vs Philippines
Crypto regulation comparison
North Korea
Philippines
Banned
Legal
North Korea does not allow civilian cryptocurrency use. The regime has been accused by the UN and US of using state-sponsored hacking to steal cryptocurrency to fund weapons programs.
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
No
Mining
Yes
Regulator
Central Bank of North Korea
Regulator
BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Stablecoin Rules
Not applicable — crypto banned
Stablecoin Rules
BSP regulates virtual asset service providers including stablecoin operations
Key Points
- No civilian cryptocurrency use permitted
- State-sponsored crypto theft alleged by UN and US
- Lazarus Group linked to major crypto exchange hacks
- International sanctions restrict all financial activities
- Cryptocurrency used by state actors, not civilians
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