Philippines vs Vanuatu
Crypto regulation comparison
Philippines
Vanuatu
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.
Vanuatu has become a popular jurisdiction for crypto businesses due to its tax-free environment. The VFSC has developed a regulatory framework for digital assets.
Tax Type
Income
Tax Type
No tax
Tax Rate
0-35%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BSP (Bangko Sentral ng Pilipinas), SEC Philippines
Regulator
Vanuatu Financial Services Commission (VFSC)
Stablecoin Rules
BSP regulates virtual asset service providers including stablecoin operations
Stablecoin Rules
No specific 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
- VFSC regulates digital asset businesses
- No income, corporate, or capital gains tax
- Popular jurisdiction for crypto business registration
- Citizenship by investment program exists
- Developing digital asset regulatory framework