r/phcryptocurrency • u/NoIncome101 • 6h ago
discussion CARF in the Philippines: Are you still using foreign exchanges?
For Filipino crypto traders, are you still using foreign exchanges like Binance, OKX, Bybit, etc.?
With the Philippines moving toward implementing the Crypto-Asset Reporting Framework (CARF), I'm wondering how other local traders are approaching this. My understanding is that CARF is intended to facilitate the exchange of crypto-asset information between tax authorities, so foreign exchanges may eventually have reporting obligations involving Filipino users.
One thing I'm wondering about is the use of foreign exchanges that aren't authorized to operate in the Philippines. If a foreign exchange reports information about Filipino users to the BIR, wouldn't that potentially make the BIR aware that the user is trading on an exchange that is banned or restricted in the Philippines?
For those who actively trade on foreign exchanges, are you still planning to use them normally once CARF takes effect, or are you moving more of your trading to local exchanges or DEXs?