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Philippines vs El Salvador

Crypto regulation comparison

← Back to map | Philippines | El Salvador
Philippines

Philippines

El Salvador

El Salvador

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.

El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender through the Bitcoin Law. However, under a January 2025 IMF agreement (Decreto 199), El Salvador amended the law to make Bitcoin acceptance by businesses voluntary rather than mandatory, and repealed several articles. There is no capital gains tax on Bitcoin. The CNAD regulates digital assets.

Tax Type Income
Tax Type No tax
Tax Rate 0-35%
Tax Rate 0%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Regulator BCR (Banco Central de Reserva), CNAD (Comisión Nacional de Activos Digitales)
Stablecoin Rules BSP regulates virtual asset service providers including stablecoin operations
Stablecoin Rules USD is the primary currency; Bitcoin-specific legislation in place
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
  • First country to adopt Bitcoin as legal tender in September 2021 via the Bitcoin Law
  • Government developed the Chivo wallet for citizens, offering $30 USD in BTC incentive
  • January 2025 Decreto 199 made merchant Bitcoin acceptance voluntary (IMF condition)
  • No capital gains tax on Bitcoin transactions for individuals
  • Government has been accumulating Bitcoin reserves and launched Bitcoin-backed bonds
Sources
Sources