Are those countries with certain circular/memorandum from their central bank regarding bitcoin and cryptocurrencies count as a form of 'legality' or even 'formality' in this case? If so, the Philippines would be one of them. Only recently, people have been receiving certain bans and suspension on their accounts on a prominent exchange due to the BSP (Bangko Sentral ng Pilipinas or the Central Bank of the Philippines) memo regarding fraud and anti-money laundering concerns. This particular publication expresses the BSP's concern regarding the rise of bitcoin and other cryptocurrencies, so the Philippines should somehow be on that list.