Cryptocurrency Regulations - Philippines

[sheenshane]

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

I think the people who are corrupt, wherever and what position they have, will do anything they can to have an opportunity to earn especially in cryptocurrency transactions that is slowly growing. I hope that the people who are honest may it be their co-politician or not would at least do something to reveal the plans of those people who intends to do something illegal.

If the politicians from the country are known to be corrupt then there is a likelihood that they would take advantage of their position to get hold of some funds. They may charge ridiculous sum of money just to let those exchanges operate.

Corrupt politicians were always there waiting to have enough fund to steal from the people who pay the tax instead for the economic growth.
But as what I have seen now the Philippines government under the Duterte administration was still fighting corruption is a big bet for the Philippines and for foreign investors buying Philippine stocks.
So, Filipino citizen was lucky enough because cryptocurrency has not getting implemented to pay tax, they enjoy now using crypto without paying to the government a tax and I think there are also some government officials that get involved in the cryptocurrency. If I'm not mistaken the Philippines Senate Manny Pacquiao and the former world boxing champion was having his own cryptocurrency and he is also an investor in one of ICO'S project.

[dark1234]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

The Philippines is one of the Asian countries that legalizes cryptocurrency and bitcoin and this greatly affects the economic progress there and I hope this will be an example of their neighboring country
it's just that cryptocurrency will be one of the means that will be in the politician it must be because this is a lot of people and money

[gayletot]

I think Philippines enjoys bitcoin and cryptocurrency, and in fact some other fluent people start investing in it. many Filipinos are already trading bitcoin trading and mining.

[saaux]

I have not heard regulation about bitcoin here in the Philippines. I know the beginning of the crypt to enter the country of the Philippines.

[Kemarit]

I think Philippines enjoys bitcoin and cryptocurrency, and in fact some other fluent people start investing in it. many Filipinos are already trading bitcoin trading and mining.

Do you know some fluent people that have started investing on bitcoin or crypto? Mining? Philippines has one of the most expensive electricity in the world so I don't think that mining is profitable. I would agree with trading though, because coins.ph has opens its door on with their (https://pro.coins.asia/) trading exchange, but I'm not sure if its operational already. But at least the country is moving on the right direction, might be issues in the beginning specially tax, but let's hope that everything will be fine and the government will be open and paved the way for Philippines to welcome Blockchain Industry as well.

[anitaraymonds]

This is a good news considering the population and the economic importance of Philippines in  Asia region. The government has done the right thing by trying to regulate and not to out rightly ban crypto like other countries who did. This will make a positive impact on bitcoin usage and market value.

[jhongzjhong]

This is a good news considering the population and the economic importance of Philippines in  Asia region. The government has done the right thing by trying to regulate and not to out rightly ban crypto like other countries who did. This will make a positive impact on bitcoin usage and market value.

Because of Philippine government knows that bitcoin users will help the economic growth in the country, there are a ton of people did not have a decent job in the said country. They are thankful and lucky for that part so they can contribute the economic growth, then the best thing happen is bitcoin was recognized in the Philippines by the government and warned people to be careful of possible risk or those scam and fraudulent activities.

[carlfebz2]

I think Philippines enjoys bitcoin and cryptocurrency, and in fact some other fluent people start investing in it. many Filipinos are already trading bitcoin trading and mining.

Do you know some fluent people that have started investing on bitcoin or crypto? Mining? Philippines has one of the most expensive electricity in the world so I don't think that mining is profitable. I would agree with trading though, because coins.ph has opens its door on with their (https://pro.coins.asia/) trading exchange, but I'm not sure if its operational already. But at least the country is moving on the right direction, might be issues in the beginning specially tax, but let's hope that everything will be fine and the government will be open and paved the way for Philippines to welcome Blockchain Industry as well.

They started out an exchange to this url. https://cx.coins.asia/ and transitioned to https://pro.coins.asia/ which is fully operational which you can see volumes into their trading pairs.
BCHPHP
XRPPHP
LTCPHP
ETHPHP
ETHBTC
BCHBTC

[jzale]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

But if Filipinos wanted to enjoy earning Bitcoin, would it be nice if they just pay the taxes then? I guess its now part and parcel of getting bitcoins, paying taxes for the government. The only drawback I see is where those taxes go? I'm pretty sure that almost all of us know how the Philippines is considered as one of the corrupt nation globally. Even the previous governments have entered a lot of anomalies and contracts and later revealed that a lot of officials in involved and raking up billions of dollars. So we don't know if the tax that we are going to pay would end up on some politicians pocket or will truly be channeled to governments project to improved the lives of a lot of poverty stricken Filipinos. So yes, hoping that the government doesn't interfere about how crypto regulations tax would go.

The establishment of CEZA is both good news and bad news to us Filipinos. Yes this is an opening for more opportunities regarding with the cryptocurrency and it's acceptance in the Philippines. This should widen the knowledge and engagement of cryptocurrency in our country. However, just like you all have mentioned about a possible implementation of tax. That is the greatest corcern for cryptocurrency enthusiasts in the country. The transaction fees and transfer fees are already a burden to us and if the tax will be implemented the we will have a heavier burden. I hope cryptocurrency engagement in the Philippines will still be tax free.

[satana_igor666]

The eternal problem is taxes.  Why does the state want to collect taxes from what they have nothing to do with it.  They would give people money, they do not help themselves.

[Saveplus]

It will help our economic problem if they will embrace crypto in our country.But the question is they can regulate it and impose a tax on our transaction the bad news for us bitcoiners.But it could help for us especially we can say we are secured and safe to invest our money here.

[Tapyaks72]

It will help our economic problem if they will embrace crypto in our country.But the question is they can regulate it and impose a tax on our transaction the bad news for us bitcoiners.But it could help for us especially we can say we are secured and safe to invest our money here.

Crypto currency adaptation of the Philippines is one of the country's big lift towards next generation, according to the Philippines central bank, bitcoin and the technology which is blockchain technology, is a better medium of remittances in which many of their citizen are working abroad will be a great help for  their  remittances because it is fast and economical.

[jseverson]

I hope cryptocurrency engagement in the Philippines will still be tax free.

Lol well I have bad news for you: It's not tax free! All earnings, except explicit exceptions and/or earnings under special conditions should be reported and taxed appropriately. If you've been using an exchange to sell your Bitcoins and they have your personal information, it's possible for the BIR to go after you a la-IRS in the future. I'm not saying it's likely, just that it's possible.

You probably mean that it's good that the Philippines doesn't have any special procedures regarding cryptocurrency earnings (which is probably why you assumed they can't be taxed in the first place) in which case I agree.

[supermine]

I hope cryptocurrency engagement in the Philippines will still be tax free.

Lol well I have bad news for you: It's not tax free! All earnings, except explicit exceptions and/or earnings under special conditions should be reported and taxed appropriately. If you've been using an exchange to sell your Bitcoins and they have your personal information, it's possible for the BIR to go after you a la-IRS in the future. I'm not saying it's likely, just that it's possible.

You probably mean that it's good that the Philippines doesn't have any special procedures regarding cryptocurrency earnings (which is probably why you assumed they can't be taxed in the first place) in which case I agree.

In my opinion all the earnings should be taxed no matter of crypto or fiat earnings or it will leads to illegal activities like money laundering,tax fraudulent etc.But many coutires don't know how to put regulations on the crypto currencies that is why they are afraid to accept it legally so we need to move upfront and pay the appropriate taxes by ourselves to make the bitcoin legal in your country.

[jseverson]

-snip-

In my opinion all the earnings should be taxed no matter of crypto or fiat earnings or it will leads to illegal activities like money laundering,tax fraudulent etc.But many coutires don't know how to put regulations on the crypto currencies that is why they are afraid to accept it legally so we need to move upfront and pay the appropriate taxes by ourselves to make the bitcoin legal in your country.

Well you probably shouldn't pay blindly either lol.

The reason why Philippine citizens have to pay taxes on crypto earnings despite an absence of regulations is because they have an obligation to pay income tax. Legally, any and all income from any source should be reported and paid the appropriate amount of tax for. Generally, anyone who pays income tax should pay taxes for their crypto earnings even if their country doesn't have any crypto regulations.

There are a few places that don't oblige residents to pay income tax, so unless there are specific regulations for crypto, their residents might not need to pay taxes for their crypto earnings.

Not legal advice, just sharing.

[marcbitcoins]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I'm favor of the regulation as long as the safety is concern of all Crypto currency users which are the investors and the project owners. Most of the Filipinos knows that inflation rate is increasing and alarming as a result of Train law in which the government created it to collect more fund thru taxation therefore if the crypro regulation will be applied on this country then expect earning Bitcoin with tax will be applied too. Hopefully taxation will help to strengthen the economy but if it will only goes to corruption then this regulation will become useless and will just a burden in the future like the other expensive commodities in the market.

[3rdworldbitcoiner]

While the TRAPOs (Traditional Politicians) in this wicked country is still very busy doing different things non-related to crypto. It is best to HODL on your own and avoid investment scams that are scattered everywhere. I for one only use coins.ph to buy some bitcoins and some altcoin (heres my referral code by the way https://coins.ph/m/join/zta720  ) and binance. And if you're the type of person who likes to minimize risk, I suggest buying now and if you make a little profit do not hesitate to convert it to Php and cash it out. Kudos Pinas!

[Baofeng]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I'm favor of the regulation as long as the safety is concern of all Crypto currency users which are the investors and the project owners. Most of the Filipinos knows that inflation rate is increasing and alarming as a result of Train law in which the government created it to collect more fund thru taxation therefore if the crypro regulation will be applied on this country then expect earning Bitcoin with tax will be applied too. Hopefully taxation will help to strengthen the economy but if it will only goes to corruption then this regulation will become useless and will just a burden in the future like the other expensive commodities in the market.

This is what most Filipinos mindset as well. Philippines is one of the most corrupt countries globally that's why they don't trust and majority always ask when the tax is going because it seems that the country is moving backward. Anyways, I'm also into crypto regulation because it will bring some form of legitimacy to the market. And I guess its inevitable, crypto friendly nations around the globe will have to implement regulations to gain more wider adoption.

[milewilda]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I'm favor of the regulation as long as the safety is concern of all Crypto currency users which are the investors and the project owners. Most of the Filipinos knows that inflation rate is increasing and alarming as a result of Train law in which the government created it to collect more fund thru taxation therefore if the crypro regulation will be applied on this country then expect earning Bitcoin with tax will be applied too. Hopefully taxation will help to strengthen the economy but if it will only goes to corruption then this regulation will become useless and will just a burden in the future like the other expensive commodities in the market.

This is what most Filipinos mindset as well. Philippines is one of the most corrupt countries globally that's why they don't trust and majority always ask when the tax is going because it seems that the country is moving backward. Anyways, I'm also into crypto regulation because it will bring some form of legitimacy to the market. And I guess its inevitable, crypto friendly nations around the globe will have to implement regulations to gain more wider adoption.

Definitely agree into your point which is truly happening on that country where it is included into those countries which do have corrupt government but i believe this would really be changed up with the current president of PH. I would be somehow confident that if there might be some crypto taxation we can assure that it would be used up into things as it should be.

While the TRAPOs (Traditional Politicians) in this wicked country is still very busy doing different things non-related to crypto. It is best to HODL on your own and avoid investment scams that are scattered everywhere. I for one only use coins.ph to buy some bitcoins and some altcoin (heres my referral code by the way https://coins.ph/m/join/zta720  ) and binance. And if you're the type of person who likes to minimize risk, I suggest buying now and if you make a little profit do not hesitate to convert it to Php and cash it out. Kudos Pinas!

Posting referral links is strictly prohibited yet theres no one would use it up.

[jonaire99]

The Philippines has already proved its being a crypto friendly by licensing several cryptocurrency exchanges and allowing ten fintechs and virtual currency companies to operate in an economic zone. The Philippine's bureau of internal revenue has not yet issued clear guidelines on the tax treatment of bitcoin transactions. But it is clearly written in their internal revenue laws that any type of income earned by a Filipino citizen shall be taxed unless expressly exempted. Imposing regulations on crypto exchanges might happen before the tax implementation.