Study on Systematizing the Regulation of Cryptocurrency Transactions under the Income Taxation Law of the Philippines

Authors: Sharmila Cruz, Luis Miguel De Oño, and Marco Matsunaga

Year: 2019


Crypto currency in the Philippines remains unregulated and not taxed under the income tax law of the Philippines. Crypto currency should be taxed, but with the lack of regulation, Filipino crypto currency users opt not to declare their income earned through crypto currency. This study explores crypto currency in the Philippines in order to understand the gaps and possible solutions in systematizing crypto currency taxation. Because taxation is a burden for people, the researchers suggest that Filipino crypto users be provided with choices to encourage them

to declare their profits in crypto currency. This study explored other states’ crypto currency regulation and treatment to make a model in regulation for crypto currency in the Philippines. Also, the researcher explored existing laws and jurisprudence through a case study that can be applied to regulate and tax crypto currency under the income tax law of the Philippines.

Keywords: Crypto currency, income tax, taxation, regulation