NTRC Tax Research Journal Vol. XXXIV.

6 November-December 2022

Basic Information and Regulation of

Cryptocurrency in the Philippines and
Other Association of the Southeast Asian
Nations Member States*

I. INTRODUCTION

The advancement of the digital economy has paved the rise of digital currencies or
assets in other appreciation. Such emerging innovative technologies build-up the society
engaged in digital currencies, or simply known as cryptocurrencies. This digital or virtual
currency (VC) is a decentralized network distributed across a large computed network that uses
blockchain technology to ensure the integrity of such digital assets from counterfeit or double-
spend (Frankenfield, 2021).

This paper presents a brief overview of cryptocurrency, digital assets, regulation in

other member states of the Association of Southeast Asian Nations (ASEAN), and potential
taxes on cryptocurrency.

II. BACKGROUND INFORMATION

A. Cryptocurrencies and the blockchain technology

The market for digital or virtual assets (VAs) has been growing and changing
rapidly across the world. The first and most popular VA today is the cryptocurrency,
which has experienced significant growth and volatility in value. Bitcoin (BTC) was
created as an alternative to the traditional system, where transactions can be reversed
or meddled by third parties along with the imposition of higher transaction costs
(Likos & Hicks, 2022). It offers an alternative system based on blockchain
technology 1 and a decentralized peer-to-peer electronic exchange, where a
*
Prepared by Michael Angelo T. Tiu, Senior Tax Specialist, with inputs from the Economic Staff, Tax Statistics
Staff and Direct Taxes Branch. Reviewed and approved by Ma. Berlie L. Amurao, Chief Tax Specialist, Indirect
Taxes Branch, NTRC.
1
Cryptocurrency, being decentralized, operates on a distributed ledger or a shared transaction list called
blockchain. The “block” is composed of chunks of encrypted data. The “chain” is the public database in which
the blocks are stored and sequentially related to each other. Every block in the blockchain has a specific code that
distinguishes itself from all other blocks in existence. This unique code is called a hash. Blocks of information
being added to a blockchain are added chronologically. A new block is added directly after the last block created,
which also has its own unique hash. The ledger or database of blocks in the chain is simultaneously distributed
worldwide spread among millions of computers (Chu, n.d.).

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 1
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

cryptographic2 proof is used to maintain the integrity of the network instead of relying
on third-party banks and other institutions. In this way, people can send money to one
another without a bank or third party as intermediary.

The Congressional Research Service (CRS) (2020) defined cryptocurrency as

“digital money in electronic payment systems that generally do not require
government backing or the involvement of an intermediary, such as a bank”. Unlike
shares of stock, which have strong ties to the world’s hard assets, cryptocurrencies
are purely digital assets because they only exist in the virtual world. Cryptocurrency
has potential economic efficiency because it is operated in a decentralized system
through the internet that will be less costly compared to traditional systems and
existing infrastructure3.

As of February 2022, more than 10,397 cryptocurrencies are available in the

International market (Best, 2022). An example is Bitcoin, which can be traded in two
ways — through exchange or direct buying. The exchanges are websites that allow
an individual to buy, sell, or exchange cryptocurrency for other digital currencies or
fiat currencies like US Dollar or Euro. On the other hand, direct buying allows
someone to directly exchange fiat money for Bitcoin (Maria, n.d.). In the Philippines,
some popular cryptocurrency trading platforms include Binance, Coins.ph, PDAX,
Coinbase, and eToro (JuanTax, n.d.). Traders in the exchanges may be charged fees
for every transaction and be subject to exchange rate fluctuation. Cryptocurrency can
be stored in digital wallets.

Figure 1 illustrates the cryptocurrency trading process. In Stage 1, the trader

buying the cryptocurrency should first use the domestic currency or fiat money to buy
or convert to a primary or base cryptocurrency. Since there are a large number of
cryptocurrencies in existence today, the base cryptocurrency, such as Bitcoin4, may
be used to buy other forms of cryptocurrency. If the trader intends only to buy these
base cryptocurrencies, the trading process is already done at stage 1. However, if the
trader intends to buy altcoins5, the trader needs to open a cryptocurrency exchange
that only accepts cryptocurrency deposits. In Stage 2, the exchange does not accept
fiat or domestic money to buy another cryptocurrency. Thus, the trader should use
the base currency (Bitcoin, Ethereum, and Litecoin) to convert to other altcoins. In
this part, the altcoins are quoted in the base cryptocurrency instead of the domestic
currency or fiat money.

2
Cryptocurrency received its name because it uses encryption to verify transactions. This means
advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers.
The aim of encryption is to provide security and safety. On the other hand, crypto wallets refer to physical devices
or online softwares used to store the private keys to secure the cryptocurrency. (Kaspersky, n.d.)
3
Banks and other financial institutions charge various fees to users of their system to recoup costs as
well as earn profits
4
Some platforms allow to use other crypto such as Ethereum and Litecoin as the base.
5
Refers to any type of cryptocurrency other than Bitcoin (deMatteo, 2022).

2 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

Figure 1. Cryptocurrency trading process. Adopted from Masterthecrypto. (n.d.).

Cryptocurrency Trading: Understanding Cryptocurrency Trading Pairs & How It Works.
https://masterthecrypto.com/understanding-cryptocurrency-trading-pairs-works/

The following are the existing transactions that can earn money with
cryptocurrency:

a. Investing and trading. Investing in the long-term strategy of buying and

holding crypto assets for some time, while trading is meant to exploit
short-term opportunities (Gogol, 2022);

b. Mining. Computers are used to mine Bitcoin (i.e., use the computational
power to help verify certain transactions on the blockchain and be
rewarded with Bitcoin or other coins) (Maria, n.d.);

c. Lending. Traders who need margin and leverage borrow coins to trade
with and will give back the same amount with some commission (Maria,
n.d.); and

d. Staking. Holding cryptocurrency in an account and letting it collect

interest and fees as those funds are committed to blockchain validators
(Gallaga, 2022).

Moreover, the blockchain technology is a specific type of database system

that stores information in a manner that makes it difficult or impossible to modify,
hack or defraud. A node broadcasts the transaction request to a peer-to-peer network
for confirmation. If confirmed, the transactions will be grouped as what is known as
blocks that will be chained to the previously filled blocks before the transaction is
completed. BTC uses the decentralized blockchain where any single person or group
does not retain control of the digital assets. In this way, BTC transactions are
irreversible, permanently recorded and viewable to anyone (Conway, 2021a).

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 3
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

In general, BTC is the de facto cryptocurrency in the pack of cryptocurrencies

in terms of market capitalization, user base, and popularity. This cryptocurrency takes
the form of tokens or “coins” and exists on distributed and decentralized ledgers.
Other than BTC, alternate virtual currencies have new features such as handling more
transactions per second or using different consensus algorithms like proof of stake
(Conway, 2021b). (See Table 1.)

Table 1
Ten Most Important Cryptocurrencies Other Than BTC

Cryptocurrency/Coin Abbreviation Particulars

Ethereum ETH The purpose of the creation of ETH is to

decentralize a suite of financial products,
which anyone can freely access services like
banks, loans, insurance, and other financial
products.

Litecoin LTC LTC is considered “silver to Bitcoin’s gold”,

which used a “scrypt” as proof of wear on the
open-source global payment network. LTC
is a much faster block that generates a rate
equivalent to faster transaction confirmation.

Cardano ADA ADA objectives are similar to ETH, dubbed

the “ETH killer”. ADA also provides a
solution for chain interoperability, voter
fraud, and legal contract tracing, among
others.

Polkadot DOT DOT aims to deliver interoperability among

other blockchains, its protocol is designed to
connect permissions/-less blockchains, as
well as oracles, to allow the system to work
together.

Bitcoin Cash BCH BCH is using hard fork technology that

refers to a radical change to the protocol of a
network that makes previously invalid
blocks and transactions valid, or vice-versa

Stellar XLM XLM provides an enterprise solution to

financial institutions that ease the process
with large transactions, such as transactions
between banks and investment firms.

4 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

Cryptocurrency/Coin Abbreviation Particulars

Chainlink - Chainlink is also a decentralized oracle

network that allows smart contracts to
communicate with outside data, which the
ETH cannot connect to.

Binance Coin BNB BNB is a utility coin that serves as a mode of

payment for fees for trading on the Binance
Exchange.

Tether USDT USDT is considered a stablecoin, whose

value is directly tied to the US dollar to
smooth out price fluctuations or to avoid
dramatic volatility.

Monero XMR XME is an open-source cryptocurrency

whereby the development of such token is
completely donation-based and community-
driven. This decentralization enables
complete privacy by using “ring signatures”
that appear in a group of cryptographic
signatures, including at least one real
participant. The security mechanism of
XMR is linked to criminal operations, which
makes digital transactions anonymously.

Note. Gathered from Investopedia, 2021.

B. Cryptocurrency in the Philippines

In 2014, Bitcoin was slowly gaining usage/popularity in the Philippines. The

Bangko Sentral ng Pilipinas (BSP) issued a cautionary directive advising the public
of the features, benefits, and attending risks when dealing with VCs. 6 Eventually in
2017, following the rise in the use of VCs for payment and remittances in the
Philippines, the BSP issued Circular No. 944 7 establishing a formal regulatory
framework for Virtual Currency Exchanges (VCEs).

The Circular defined VCs as any digital unit used as a medium of exchange
or a form of digitally stored value created by agreement within the community of VC
users. The VCs are not issued nor guaranteed by any jurisdiction and do not have
legal tender status. They shall be broadly construed to include digital units of

6
BSP’s Warning Advisory on Virtual Currencies, (March 6, 2014).
7
BSP Circular No. 944 Series of 2017, entitled, “Guidelines for Virtual Currencies (VC) Exchanges”,
(February 6, 2017).

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 5
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

exchange that: (a) have a centralized repository or administrator; (b) are decentralized
and have no centralized repository or administrator; or (c) may be created or obtained
by computing or manufacturing effort.

Likewise, the said Circular covers VCEs in the Philippines offering services
or engaging in activities that provide facilities for converting or exchanging of fiat
currency to VC or vice versa. It requires the VCEs to register as remittance and
transfer companies with the BSP. Likewise, they are required to put in place adequate
safeguards to address the risk associated with the VCs.

Later that same year, the BSP issued another advisory in response to
unscrupulous fraudsters or groups that tried to entice consumers to invest in Bitcoins
or VCs packaged as an Initial Coin Offering (ICO)8. The advisory warned consumers
to be cautious in dealing with VCs, only maintain VCs sufficient to meet their
transactional requirements, and adopt sound security measures to protect their VC
accounts. The advisory also reiterated that the BSP does not endorse VCs as a
currency or an investment instrument due to their highly-speculative and risky nature.

In relation to ICO, the Securities and Exchange Commission in August 2018

requested comments on the initial draft rules on ICO in recognition of the recent
financial innovations of raising funds for ventures or businesses using the internet
platform. The rules shall primarily govern the conduct of ICOs wherein convertible
security tokens are issued by start-ups and/or registered corporations organized in the
Philippines and start-ups and/or corporations conducting ICOs targeting Filipinos
through online platforms. Second and third requests for public consultation were
issued in December 2018 and January 2019, respectively.

In recognition of the evolving nature of financial innovation, the BSP has

decided to refer to VCs as defined under Circular No. 944 as VAs pursuant to Circular
No. 1108 dated January 26, 2021.9 The BSP adopted the leading standards such as
the Financial Action Task Force Recommendation on anti-money laundering and
counter-terrorist financing standards to provide a flexible regulatory framework to
handle a fast-moving and technologically dynamic sector.

As defined in BSP Circular No. 1108, VAs expands the definition of VCs,
currently defined as any digital unit that can be digitally traded, transferred, and used
for payment or investment purposes. It can be defined as a “property”, “proceeds”,
“funds”, “funds or other assets”, and other “corresponding value”. It is used as a
medium of exchange or a form of digitally stored value created by agreement within
the community of VA users. Moreover, the transfer or exchange of VAs is now
facilitated by Virtual Asset Service Providers (VASPs). As of March 2022, there were
19 listed VASPs in the BSP.

8
Refers to distributed ledger technology fundraising operations involving the issuance of tokens in return
for cash, other cryptocurrencies or other assets.
9
Entitled, “Guideline for Virtual Asset Service Providers (VASP)”, (January 26, 2021).

6 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

C. Current profile of VAs in the Philippines

As of 2021, there were over 300 million cryptocurrency users worldwide. Out
of the 300 million, 6.9 million users are from the Philippines, making the country as
one of the fastest to adopt cryptocurrencies (TripleA, n.d.). Globally, the
cryptocurrency market was valued at USD826.6 million10 (PhP39.71 billion) in 2020,
and it is expected to increase to USD1,902.5 million11 (PhP91.39 billion) in 2028 at
a compound annual growth rate of 11.1% (Fortune Business Insights, n.d.).

On average, a Filipino investor today holds about 1% to 2% of personal assets

in crypto assets (Shrivastava, 2022). Blockchain or cryptocurrency shared 12% of the
Philippines Financial Technology (Fintech) Map 202212 according to Fintech News
Network. (See Figure 2.)

Figure 2. Philippines Fintech Map 2022. Lifted from Fintech News

Network. (n.d.). Fintech News Philippines: Philippines Fintech Report 2022.
https://www.jotform.com/form/213318586766366.

The volume of cryptocurrency transactions in the Philippines increased by

36% from 5.3 million in 2019 to 7.2 million in 2020, while the value increased by
410% during the same period13. This was due mainly to the rise of Bitcoin prices and
the expansion of regulations in the financial services in the country. (See Figure 3.)

10
2020 Average 1 USD to PhP = 48.036
11
Ibid.
12
The Philippine Fintech Map 2022 provides a comprehensive snapshot of the country’s rapidly growing
financial technology landscape. It is an overview of the state of fintech and digital financial services in the country,
and what it takes to propel it further for the betterment of the Filipinos towards greater financial inclusion.
13
Awaiting response from the BSP for the data request on the latest value and volume of cryptocurrency
in the Philippines.

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 7
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

Figure 3. Cryptocurrency Transactions January to September in 2019 and 2020. Lifted from
Fintech News Network. (n.d.). Fintech News Philippines: Philippines Fintech Report 2022.
Retrieved June 24, 2022, from https://www.jotform.com/form/213318586766366

III. REGULATION AND TAXATION OF CRYPTOCURRENCY IN THE ASEAN

REGION

Among the ten ASEAN Member States (AMS), five of them, Indonesia, Lao PDR,
Malaysia, Singapore, and Thailand, impose a tax on cryptocurrency-related activities, while
the Philippines, Brunei Darussalam, Cambodia, Myanmar and Vietnam have only issued a
public warning on investing in cryptocurrencies. In some AMS, a cryptocurrency is not
considered as legal tender in their respective jurisdictions. However, all AMS are realigning
and formulating their respective fintech and e-commerce policies on regulating cryptocurrencies.

Table 2 summarizes the taxes imposed on cryptocurrencies in the ASEAN region.

Table 2

Taxes Imposed on Cryptocurrency in ASEAN Member States

AMS Direct tax Indirect tax

Indonesia 0.1% on earnings and capital gains 0.1% value added tax (VAT) on
on crypto transactions crypto assets purchases

Lao PDR 24% profit tax on cryptocurrency 10% VAT on cryptocurrency

excavation and mining excavation and mining

8 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

AMS Direct tax Indirect tax

Malaysia 24% income tax on e-commerce

transactions included digital
currencies gains from
cryptocurrencies

Singapore 17% income tax is imposed on the 7% goods and services tax (GST)
following: on the transfer of non-fungible
tokens such as those that represent
1. Businesses that choose to
accept digital tokens such as ownership rights to a specific
Bitcoins for their remuneration property (e.g., intellectual property,
or revenue or that trade in digital artwork)
digital tokens
Exempted from GST:
2. Businesses that choose to 1. Use of digital payment tokens
accept digital tokens such as as payment for goods or
Bitcoins for their remuneration services will no longer give rise
or revenue. It is noted that tax to a supply14 of those tokens.
deductions are allowed, where
permissible, under Singapore 2. Supply of digital payment
tax laws. tokens in exchange for fiat
currency or

Businesses that buy and sell digital other digital payment tokens, and
tokens in the ordinary course of the provision of any loan, advance
their business are taxed on the or credit of digital payments will
profit derived from trading in the be exempt from GST.
digital token. Profits derived by
businesses that mine and trade
digital tokens in exchange for
money are also subject to tax.

Thailand 15% capital gains tax on

cryptocurrency trading.

In addition, a 15% withholding tax

is also imposed on the gains from
cryptocurrency, including investors
and mining operators. It is noted
that digital asset exchanges are
exempted from exempted

Source: Cekindo, 2022; ECCIL, 2022; The Malaysian Reserve, 2021; Inland Revenue Authority of Singapore
(IRAS), 2019 and 2020; and Bangkok Post, 2022.

14
Where the digital payment tokens are provided as consideration in a transaction other than for a supply
of money or digital payment tokens, the provision of those tokens will be treated as neither a supply of goods nor
a supply of services under the GST (Excluded Transactions) Order.

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 9
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

IV. CONCLUSION AND RECOMMENDATION

The increasing popularity of cryptocurrency related activities, such as staking, lending,

and money transfer in the Philippines has an economic domino effect on the e-commerce and
fintech sector. Its usage made some transactions more accessible through mobile wallets and
crypto wallets. The Philippines may establish or expand regulatory agencies in order to monitor
such digital transactions. However, the digital infrastructure will require advanced technologies
and specialists to handle such digital activities, especially on blockchain technologies.

In addition, as pointed out by the Organization for Economic Co-operation and

Development (OECD) that in taxing VCs, the tax implications of emerging issues should be
considered, such as growing interest in stablecoins and central bank digital currencies, the
evolution of the consensus mechanisms used to maintain blockchain networks, and the dawn
of decentralized finance. The OECD suggested for policymakers to factor in the following
concerns in taxing VCs, viz.: (a) providing clear guidance and legislative frameworks for the
tax treatment of crypto assets and VCs and updating these frequently; (b) supporting improved
compliance, including the consideration of simplified rules; (c) aligning the tax treatment of
VCs with other policy objectives or trends; and (d) designing appropriate guidance on the tax
treatment of emerging technological areas.

10 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

REFERENCES

AMBD. (2017, December 22). Press Release: public to exercise high caution with cryptocurrencies.
https://perma.cc/4N9M-AL26

Bangkok Post. (2022, January 6). Crypto traders subject to 15% capital gains tax.
https://www.bangkokpost.com/business/2242723/crypto-traders-subject-to-15-capital-gains-
tax

Best, R. d. (2022, March 22). Number of cryptocurrencies worldwide from 2013 to February 2022 [Data
Set]. Statista. https://www.statista.com/statistics/863917/number-crypto-coins-tokens/

Cekindo. (2022, May 19). Crypto markets in Indonesia regulated with VAT.
https://www.cekindo.com/blog/crypto-markets-in-indonesia-regulated-with-vat

Chu, M. (n.d.). What is the point of cryptocurrency? Retrieved June 24, 2022 from
https://dataoverhaulers.com/purpose-point-of-cryptocurrency/

Congressional Research Service. (2020, April 9). Cryptocurrency: the economics of money and selected
issues. https://sgp.fas.org/crs/misc/R45427.pdf

Conway, L. (2021a, May 31). Blockchain Explained. Investopedia.

https://www.investopedia.com/terms/b/blockchain.asp

Conway, L. (2021b, May 31). The 10 Most Important Cryptocurrencies Other Than Bitcoin.
Investopedia. https://www.investopedia.com/tech/most-important-cryptocurrencies-other-
than-bitcoin/

deMatteo, M. (2022, March 3). There are thousands of different altcoins. Here’s why crypto investors
should pass on most of them. Retrieved June 25, 2022 from
https://time.com/nextadvisor/investing/cryptocurrency/altcoins/

DOF. (2020, January 26). Intensified campaign vs errant POGOs yields P6.42-B taxes in 2019.
https://www.dof.gov.ph/intensified-campaign-vs-errant-pogos-yields-p6-42-b-taxes-in-
2019/

ECCIL. (2022, June 16). Cryptocurrency trade adds millions of dollars to state budget.
https://eccil.org/news/cryptocurrency-trade-adds-millions-of-dollars-to-state-budget/

Fortune Business Insights. (n.d.). Cryptocurrency market size, share & COVID-19 impact analysis.
https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149

Frankenfield, J. (2021, August 9). Cryptocurrency. Investopedia.

https://www.investopedia.com/terms/c/cryptocurrency.asp

Gallaga, O. (2022, March 13). How people actually make money from cryptocurrencies.
https://www.wired.com/story/how-to-make-money-from-crypto/

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 11
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

Gogol, F. (2022, April 28). How to make money with cryptocurrency. Stilt.
https://www.stilt.com/blog/2021/06/how-to-make-money-with-cryptocurrency/

IRAS. (2020, October 9). IRAS e-tax guide – income tax treatment of digital tokens.
https://www.iras.gov.sg/media/docs/default-source/e-tax/etaxguide_cit_income-tax-
treatment-of-digital-tokens_091020.pdf?sfvrsn=91dbe1f7_0

IRAS. (2019, November 19). IRAS e-tax guide – GST: digital payment tokens.
https://www.iras.gov.sg/media/docs/default-source/e-tax/e-tax-guide_gst_digital-payment-
tokens.pdf?sfvrsn=da8cafda_12

JuanTax. (n.d.). The rise of cryptocurrency: top crypto trading platforms in the Philippines.
https://juan.tax/blog/the-rise-of-cryptocurrency-top-crypto-trading-platforms-in-the-
philippines/

Kaspersky. (n.d.). What is cryptocurrency and how does it work? Retrieved June 24, 2022 from
https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency

Khmer Times. (2022, April 22). Conducting cryptocurrency-related activities in Cambodia is still
illegal. https://www.khmertimeskh.com/501065952/conducting-cryptocurrency-related-
activities-in-cambodia-is-still-illegal/

Likos, P., & Hicks, C. (2022, February 4). The history of bitcoin, the first cryptocurrency. Retrieved
June 24, 2022 from https://money.usnews.com/investing/articles/the-history-of-
bitcoin#:~:text=Once%20Bitcoin%20became%20available%20on,price%20against%20the%
20U.S.%20dollar.

Maria, M. d. (n.d.). Profiting from cryptocurrencies. https://www.investment-mastery.com/wp-

content/uploads/2020/09/Crypto-Currency-Book-Marcus-de-Maria.pdf

OECD. (2020, October 14). Taxing virtual currencies: An overview of tax treatments and emerging tax
policy issues. https://www.oecd.org/tax/tax-policy/flyer-taxing-virtual-currencies-an-
overview-of-tax-treatments-and-emerging-tax-policy-issues.pdf

P&A Grant Thornton. (2021, September 14). Taxing income from cryptocurrencies.
https://www.grantthornton.com.ph/insights/articles-and-updates1/lets-talk-tax/taxing-
income-from-cryptocurrencies/

Pham, Thuan. (2022, February 24). Will income from cryptocurrency be taxed in Vietnam? VDN Loi.
https://media.vdb-loi.com/wp-content/uploads/2022/02/Will-Income-From-Cryptocurrency-
Be-Taxed-In-Vietnam.pdf

Shrivastava, A. (2022, January 21). Union Bank of Philippine predicts investors will hold ‘5% assets in
crypto’ in 5 Years. Yahoo Finance. https://finance.yahoo.com/news/union-bank-philippine-
predicts-investors-174621705.html

The Malaysian Reserve. (2021, October 4). The issues surrounding cryptocurrency inMalaysian
Taxation.
https://phl.hasil.gov.my/pdf/pdfam/20211004_The_Malaysian_Reserve_The_Issues_Surrou
nding_Cryptocurrency_in_Malaysian_Taxation.pdf

12 Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States
NTRC Tax Research Journal Vol. XXXIV.6 November-December 2022

Tint, Pann M.P., et al. (2021, August 31). Cryptocurrency & its future in Myanmar. Inya Economics.
https://www.inyaeconomics.com/wp-content/uploads/2021/08/Cryptocurrency-Its-Future-
in-Myanmar-English-Version-.pdf

TripleA. (n.d.). Global crypto adoption. https://triple-a.io/crypto-ownership/

Basic Information and Regulation of Cryptocurrency in the Philippines and Other ASEAN Member States 13