Philippines vs Poland
Crypto regulation comparison
Philippines
Poland
Legal
Legal
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.
Cryptocurrency is legal and regulated in Poland. Crypto capital gains are taxed at a flat 19% rate. The KNF (Polish Financial Supervision Authority) oversees crypto-related financial services, and VASPs must register for AML compliance. Poland has a growing crypto community and several domestic exchanges. MiCA applies from December 2024.
Tax Type
Income
Tax Type
Capital gains
Tax Rate
0-35%
Tax Rate
19%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Regulator
KNF (Komisja Nadzoru Finansowego)
Stablecoin Rules
BSP regulates virtual asset service providers including stablecoin operations
Stablecoin Rules
Regulated under EU MiCA framework
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
Key Points
- Flat 19% tax on crypto capital gains (PIT-38 annual declaration)
- Crypto-to-crypto transactions are not taxable events; only fiat conversions trigger tax
- VASPs must register in the AML register maintained by the Tax Administration Chamber
- KNF oversees market conduct and consumer protection for crypto services
- MiCA framework applicable from December 2024