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.