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Kuwait vs Philippines

Crypto regulation comparison

← Back to map | Kuwait | Philippines
Kuwait

Kuwait

Philippines

Philippines

Restricted
Legal

Kuwait has taken a restrictive approach to cryptocurrency. The Central Bank of Kuwait and the Capital Markets Authority have prohibited banks and financial institutions from processing crypto transactions. There is no licensing framework for crypto exchanges. However, owning crypto is not explicitly illegal, and there is no personal income tax in Kuwait, so no crypto-specific tax applies.

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 0%
Tax Rate 0-35%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CBK (Central Bank of Kuwait), CMA
Regulator BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules BSP regulates virtual asset service providers including stablecoin operations
Key Points
  • CBK prohibits banks and financial institutions from dealing in virtual currencies
  • No licensing framework exists for crypto exchanges or VASPs
  • Personal ownership of crypto is not explicitly criminalized
  • No personal income or capital gains tax in Kuwait applies to crypto
  • CMA has warned investors about the risks of 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
Sources
Sources