Cryptocurrency Laws in Philippines: Complete 2026 Guide

Last Updated: May 2026 5 min read By CryptoLawMap Research Team

✅ Legal & Regulated

Is Cryptocurrency Legal in Philippines?

The Philippines has been an early Southeast Asian adopter of crypto regulation. The Bangko Sentral ng Pilipinas (BSP) issued the world's first Virtual Currency Exchange (VCE) rules in 2017 under Circular No. 944. Filipinos may legally buy, hold, trade, and use cryptocurrency. The country gained additional prominence during the 2021–22 Axie Infinity boom, when Play-to-Earn gaming briefly accounted for a significant share of household income in some provinces.

The BSP supervises crypto exchanges as Virtual Asset Service Providers (VASPs) under updated 2021 rules (Circular No. 1108). The Philippine Securities and Exchange Commission (SEC Philippines) handles securities-token activity and certain investment-type tokens. The Bureau of Internal Revenue (BIR) administers tax.

Regulatory Framework

BSP-licensed VASPs include Coins.ph, PDAX (Philippine Digital Asset Exchange), Binance Philippines, Maya (formerly PayMaya, crypto-enabled), and several remittance-focused platforms. The BSP requires customer KYC, segregation of customer assets, regular reporting, and adherence to the Travel Rule.

Crypto Exchanges in Philippines

Coins.ph and PDAX are the dominant domestic platforms. Binance Philippines holds full BSP authorisation. Global platforms accessible to Filipinos include Coinbase (limited services), Bybit, OKX, and Crypto.com — generally outside the BSP licensing perimeter when used directly. SEC Philippines has periodically issued advisories about specific unlicensed platforms.

Philippines Crypto Regulatory Timeline

2017

BSP Circular No. 944 — first VCE rules globally.

2021

BSP Circular No. 1108 updates VASP framework.

2021

Axie Infinity peak — P2E gaming becomes major income source in some provinces.

2024

BSP tightens VASP reporting and capital requirements.

2025

CARF implementation preparation begins.

Crypto Taxes in Philippines — Summary

Crypto gains are taxed under Philippine income tax law. For individual investors, gains from disposal of crypto held as capital assets fall under the general capital gains regime at progressive rates (0% to 35% for individuals). Trading on a frequent or business basis is ordinary income. Mining and staking are taxable income at fair market value at receipt. The BIR has been progressively detailing its crypto positions through Revenue Memorandum Circulars.

Frequently Asked Questions

Is crypto legal in the Philippines?

Yes — fully legal. BSP-licensed VASPs provide regulated trading; personal use is unrestricted.

Is Binance legal in the Philippines?

Yes — Binance Philippines is a BSP-licensed VASP and serves Filipino users with most products.

What's the crypto tax rate in the Philippines?

Progressive personal income tax rates from 0% (lowest bracket) to 35% (top bracket). The classification of activity as capital or ordinary depends on facts.