The BSP warned against NFTs anew. BSP — The Bangko Sentral ng Pilipinas has again flagged the risks of NFTs (non-fungible tokens) and reminded the public that they should be aware of how play-to-earn games work. Following the theft of USD 600 million worth of digital tokens from a digital ledger used by players of … Read more
SEC issued an advisory against “play-to-earn” games and other non-registered foreign entities. The Securities and Exchange Commission (SEC) recently issued an advisory against “play-to-earn” games and other non-registered foreign entities. In an advisory, SEC encouraged the public to be careful when transacting or dealing with entities or corporations that weren’t licensed or registered in the … Read more
Axie Infinity was not considered as a virtual asset service provider, according to BSP. The Bangko Sentral ng Pilipinas (BSP) said that popular online play-to-earn game Axie Infinity wasn’t considered as a virtual asset service provider (VASP). Manila Bulletin reported that the Bangko Sentral ng Pilipinas emphasized in an email interview with Business Bulletin that … Read more
Axie Infinity developers were “look forward” to working with governments on play-to-earn games. The developers of the popular play-to-earn game Axie Infinity appeared to look forward to working with governments for the proper implementation of laws as it related to play-to-earn gaming. On Thursday, Sky Mavis tweeted that they wanted to work with governments “on … Read more
Income derived from playing cryptocurrency-based gaming platforms were subject to tax, according to BIR. On Tuesday, the Bureau of Internal Revenue (BIR) said that income derived from playing cryptocurrency-based gaming platforms, such as “Axie Infinity”, were subject to payment of income taxes. During the “Laging Handa” briefing, BIR Deputy Commissioner for Legal Group Marissa Cabreros … Read more
Sky Mavis or Axie Infinity was “not registered” with SEC Popular online play-to-earn game “Axie Infinity” or game developer Sky Mavis wasn’t registered as a corporation with the Securities and Exchange Commission (SEC) nor did it have a license to trade or sell securities in the Philippines. The Securities and Exchange Commission informed Business Bulletin … Read more
Earnings from online play-to-earn games subject to tax, according to DOF The Department of Finance (DOF) said that earnings from online play-to-earn games, such as Axie Infinity, were subject to tax. With the rise of the play-to-earn phenomenon, NFT gaming guilds and associations have cropped up around the world in order to educate people and … Read more