Ninjastic
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Re: Cryptocurrency Regulations - Philippines
by
jzale
on 09/08/2018, 07:06:54 UTC
Quote from: Kemarit on July 25, 2018, 10:25:07 AM
Quote from: KrishaBitcoin on July 25, 2018, 04:16:22 AM
Quote from: crzy on July 11, 2018, 06:09:42 AM
Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing. Smiley



I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

But if Filipinos wanted to enjoy earning Bitcoin, would it be nice if they just pay the taxes then? I guess its now part and parcel of getting bitcoins, paying taxes for the government. The only drawback I see is where those taxes go? I'm pretty sure that almost all of us know how the Philippines is considered as one of the corrupt nation globally. Even the previous governments have entered a lot of anomalies and contracts and later revealed that a lot of officials in involved and raking up billions of dollars. So we don't know if the tax that we are going to pay would end up on some politicians pocket or will truly be channeled to governments project to improved the lives of a lot of poverty stricken Filipinos. So yes, hoping that the government doesn't interfere about how crypto regulations tax would go.
The establishment of CEZA is both good news and bad news to us Filipinos. Yes this is an opening for more opportunities regarding with the cryptocurrency and it's acceptance in the Philippines. This should widen the knowledge and engagement of cryptocurrency in our country. However, just like you all have mentioned about a possible implementation of tax. That is the greatest corcern for cryptocurrency enthusiasts in the country. The transaction fees and transfer fees are already a burden to us and if the tax will be implemented the we will have a heavier burden. I hope cryptocurrency engagement in the Philippines will still be tax free.