Philippines Crypto Tax Guide 2024

Philippines is ranked second in the world in Chainalysis’s Global Crypto Adoption index, only behind its ASEAN neighbour Vietnam. There are two main reasons for this:

1. High remittance payments and the lack of an easily accessible financial infrastructure

2. A tech-savvy population and the government’s positive outlook on crypto

The Philippines recently welcomed its new president Ferdinand Marcos Jr. who is an ardent crypto supporter and is a firm believer in the potential of crypto and the future of blockchain-based businesses in the region. A crypto-friendly leader at the helm with a vision of transforming the Philippines into the Asian crypto valley is one of the primary reasons why crypto adoption has seen a huge uptick towards the end of 2022 and the trend has continued ever since.