Bitcoin in the Philippines: rules, tax and how it's priced
In the Philippines bitcoin is quoted as the price of 1 BTC in pesos (₱). Local apps also let you buy small peso amounts, so most people buy a fraction of a coin. The figures on this page are the international BTC/USD price converted at today's USD/PHP exchange rate. They are before exchange fees, spreads and any local premium, so a peso exchange or e-wallet may quote a slightly different price.
Is bitcoin legal in the Philippines?
Yes, you can legally own and trade bitcoin in the Philippines. It is not legal tender, and the peso remains the only official currency. Two regulators share oversight. The Bangko Sentral ng Pilipinas (BSP) licenses virtual asset service providers (VASPs) that exchange crypto for pesos. The BSP stopped taking new VASP licence applications in 2022. A BSP memorandum of 20 August 2025 extended that freeze indefinitely from 1 September 2025, subject to periodic review. Only firms already licensed can serve the market. The BSP website lists them, and the BSP tells consumers to deal only with licensed or authorised VASPs.
SEC crypto rules and blocked offshore exchanges
The Securities and Exchange Commission (SEC) issued its Crypto-Asset Service Provider (CASP) Rules on 30 May 2025 as Memorandum Circulars No. 4 and No. 5. They took effect on 5 July 2025. A CASP must be a company incorporated in the Philippines with at least ₱100 million in paid-up capital, and the rules apply to any local or foreign platform serving people in the Philippines. The SEC has said the rules do not ban crypto trading or investing. In August 2025 it moved against platforms that had not registered. PLDT and Smart then blocked access to ten offshore exchanges, including OKX, Bybit, KuCoin and Kraken.
How is crypto taxed in the Philippines?
The Bureau of Internal Revenue (BIR) has not issued tax rules written specifically for crypto. Tax advisers apply the general rules of the National Internal Revenue Code, which taxes income "from whatever source". Profit from selling or spending bitcoin, and crypto received as pay, can therefore count as taxable income. For resident individuals the graduated rates run up to 35%, and the first ₱250,000 of annual taxable income is exempt. The tax depends on whether the coins are a capital asset or an ordinary (business) asset. Traders who deal regularly may also face business-tax obligations. Keep records of each purchase and sale, and ask a tax professional about your own situation.
Buying bitcoin in pesos
Most Filipinos buy bitcoin through BSP-licensed providers. These include crypto exchanges and the crypto features built into widely used e-wallets and digital banks, and you can usually top up through peso bank transfer or e-wallet balance. Because new VASP licences are frozen and offshore platforms are being blocked, the choice of regulated peso services is small. Before you sign up, check the BSP list of licensed VASPs and any SEC advisories. A peso platform's quoted price can differ from the converted international price on this page because of its spread and fees.
Legal and tax information last reviewed October 2026. Crypto rules change quickly — check with the regulator or tax authority, or a qualified adviser, before acting. This is not tax, legal or investment advice.