Philippines vs Eswatini
Crypto regulation comparison
Philippines
Eswatini
Legal
No Regulation
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.
Eswatini has no specific cryptocurrency regulation. The central bank has cautioned about crypto risks but has not banned it.
Tax Type
Income
Tax Type
None
Tax Rate
0-35%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Regulator
Central Bank of Eswatini
Stablecoin Rules
BSP regulates virtual asset service providers including stablecoin operations
Stablecoin Rules
No stablecoin regulation
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
- No specific cryptocurrency legislation
- Central bank has cautioned about crypto risks
- Crypto not recognized as legal tender
- Limited crypto adoption
- Part of the Common Monetary Area with South Africa