Cryptocurrency Regulation: A Descriptive Case Study on the Policies of India, Vietnam, and the Republic of the Philippines (Zenodo (CERN European Organization for Nuclear Research))

Summary

• Cryptocurrency reached an estimated market capitalization of 3.9 trillion USD in 2025, driving high adoption in lower-middle income countries.p.1
• The World Bank classified India, Vietnam, and the Philippines as lower middle-income countries with GNI per capita between $1,136-$4,495 in 2024.p.2
• India's cryptocurrency market averaged USD$81.2 in revenue per user in 2025, with user numbers projected to reach 123.35 million users and a market size of USD$10.0bn by 2026.p.2
• India introduced a 30% tax on Virtual Digital Assets (VDAs) during the Union Budget 2022-23.p.3
• As of September 2025, Vietnam's cryptocurrency market value exceeded $220 billion, ranking third in Asia.p.4
• The State Bank of Vietnam prohibited the issuance or use of illegal payment methods like Bitcoin under penalties of up to 200 million VND.p.4

Key insights

1. 1. India, Vietnam, and the Philippines were ranked first, fourth, and ninth, respectively, in the Global Crypto Adoption Index 2025.p.1
2. 2. Existing literature exhibits a gap by disproportionately focusing on crypto regulation in high-income countries rather than lower middle-income economies.p.2
3. 3. The Supreme Court of India overturned the Reserve Bank of India's ban on virtual currency services on March 4th 2020 based on the principle of proportionality.p.3
4. 4. Bangko Sentral ng Pilipinas Circular No. 1108 in 2021 expanded oversight to Virtual Asset Service Providers (VASPs), including custodial wallets and minimum capital rules.p.3
5. 5. A bill introduced in the Philippines in August 2025 proposed purchasing 2,000 Bitcoin annually over five years to build a 10,000 bitcoin strategic reserve.p.4
6. 6. Approximately 18.73% of Vietnamese citizens own cryptocurrency, with adoption reaching 70% among individuals aged 18–34.p.4
7. 7. Vietnam announced the Law on Digital Technology Industry on June 14th, 2025, setting a framework to classify digital assets starting January 1, 2026.p.4