#AXIE INFINITY PHILIPPINES LICENSE#
The SEC reiterated that the game and its publisher are not registered in the Philippines, and that Sky Mavis doesn’t have a license to sell securities, the Manila Bulletin said yesterday.Īxie Infinity allows players to earn passive income using non-fungible tokens (NFTs). The undersecretary also said that while the game’s Vietnamese creator, Sky Mavis, is not registered in the Philippines, it must pay taxes in the country for any revenue created through local sources. Created by Vietnamese studio SkyMavis, Axie Infinity became a phenomenon in 2021, with a large majority of its player base hailing from the Philippines. Axie Infinity reportedly become a way for people in the Philippines to earn money after losing their jobs during the COVID-19 pandemic.
Tionko said that whether Axie tokens are assets or securities is being discussed by the country’s Securities & Exchange Commission (SEC) and central bank. Income from play-to-earn crypto games such as Axie Infinity should be taxed, Manila Bulletin reported Monday, citing Undersecretary of Finance Antonette C. While Axie Infinity has been around since 2018, the hype in the Philippines began in May 2021 through a YouTube video showing Filipinos in Cabanatuan City, Nueva Ecija earning from the game. This article is also available in Tagalog: Axie Infinity ang ‘most-searched game’ sa Pilipinas Ngayong 2021 By Nath Cajuday. Storms are gathering around hit crypto game Axie Infinity as regulators in its prime market, the Philippines, expressed their intention to tax its players and publisher.
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