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Nigeria vs Philippines

Crypto regulation comparison

← Back to map | Nigeria | Philippines
Nigeria

Nigeria

Philippines

Philippines

Legal
Legal

Nigeria has the highest crypto adoption rate in Africa and among the highest globally. After the CBN banned banks from servicing crypto exchanges in 2021 (driving activity to P2P), the ban was lifted in December 2023. The SEC Nigeria now regulates digital asset exchanges and issuances under its Accelerated Regulatory Incubation Programme (ARIP). Nigeria's progressive rates up to 25% applies to crypto disposals.

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 Capital gains
Tax Type Income
Tax Rate Progressive: up to 25% (individuals) / 30% (companies)
Tax Rate 0-35%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator SEC Nigeria, CBN (Central Bank of Nigeria)
Regulator BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Stablecoin Rules Stablecoins subject to SEC digital asset rules
Stablecoin Rules BSP regulates virtual asset service providers including stablecoin operations
Key Points
  • CBN lifted the 2021 banking ban on crypto in December 2023
  • SEC Nigeria oversees VASPs under the Investments and Securities Act and ARIP
  • Progressive rates up to 25% applies to profits from crypto asset disposals according to Nigeria Tax Act 2025 (eff. Jan 2026)
  • Nigeria ranks among the top 5 globally for crypto adoption (Chainalysis index)
  • P2P trading dominates the market; Binance and other platforms face regulatory scrutiny
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