Crypto Regulation in Philippines

Legal

Tax Information

Capital Gains (Personal)
Crypto gains subject to graduated income tax rates (0-35%); separate 6% CGT may apply on certain asset transfers
Capital Gains (Corporate)
25% regular corporate income tax (RCIT)
VAT on Crypto
No
Staking Tax
Taxable as income at graduated rates
Airdrop Tax
Taxable as income upon receipt
Mining Tax
--

Licensing & Registration

License Required
Yes
Regulator
BSP / SEC PH (Bangko Sentral ng Pilipinas / Securities and Exchange Commission Philippines)
Framework
BSP Circular 944 (2017) - Virtual Currency Exchanges; SEC Guidelines on Digital Assets
License Types
--
Estimated Cost (USD)
$200,000 - $1,000,000 (PHP 10M-50M minimum capital)
Timeline
6-12 months
Ease of Licensing
Complex

AML / KYC

KYC Required
Yes
Travel Rule
Yes
FATF Member
--
FATF Status
--
Suspicious Activity Reporting
--

Mining

Mining Legal
Yes
Status
Legal
Electricity Cost ($/kWh)
$0.12
Renewable Energy
25%
Climate
Tropical
Infrastructure
Good
Tax on Mining Income
25% regular corporate income tax (RCIT)

DeFi, Stablecoins & NFTs

DeFi: unregulatedStablecoins: regulatedNFTs: unregulatedCBDC: pilot - BSP Project CBDCPh wholesale pilot launched 2024

Soken Services

Legal Opinion
Available | $3,000 - $12,000 | 10 days
Banking
Difficulty: Hard | Crypto-friendly banks: none listed
Min. Deposit
$10,000
Fiat Rails
SWIFT
Card Payments
Visa, Mastercard
Company Registration
$8,000 | 30 days | Limited Liability Company
Licensing Support
Available | $25,000 - $100,000

Sources

Bangko Sentral ng Pilipinas SEC Philippines
verified

Frequently Asked Questions

Is crypto legal in Philippines?
Cryptocurrency is currently classified as "Legal" in Philippines.
What is the crypto tax rate in Philippines?
In Philippines, the personal capital gains tax on crypto is Crypto gains subject to graduated income tax rates (0-35%); separate 6% CGT may apply on certain asset transfers, and the corporate tax rate is 25% regular corporate income tax (RCIT).
Do I need a crypto license in Philippines?
Yes, a crypto license is required in Philippines. The regulator is Bangko Sentral ng Pilipinas / Securities and Exchange Commission Philippines under BSP Circular 944 (2017) - Virtual Currency Exchanges; SEC Guidelines on Digital Assets. Estimated licensing cost: $200,000 - $1,000,000 (PHP 10M-50M minimum capital).
Is crypto mining legal in Philippines?
Yes, crypto mining is legal in Philippines. Electricity costs approximately $0.12/kWh. Mining income is taxed at: 25% regular corporate income tax (RCIT).
What are the AML/KYC requirements for crypto in Philippines?
Yes, crypto businesses in Philippines must comply with KYC (Know Your Customer) requirements. The FATF Travel Rule is implemented.