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.
Corrupt politicians were always there waiting to have enough fund to steal from the people who pay the tax instead for the economic growth.
But as what I have seen now the Philippines government under the Duterte administration was still fighting corruption is a big bet for the Philippines and for foreign investors buying Philippine stocks.
So, Filipino citizen was lucky enough because cryptocurrency has not getting implemented to pay tax, they enjoy now using crypto without paying to the government a tax and I think there are also some government officials that get involved in the cryptocurrency. If I'm not mistaken the Philippines Senate Manny Pacquiao and the former world boxing champion was having his own cryptocurrency and he is also an investor in one of ICO'S project.