Philippines Government confused over NFTs based games to make rules

The government authorities are planning to introduce new law on the NFTs token base crypto games. Right now they will impose a profit cut system. 

Crypto NFTs token based digital games like Axie Infinity, getting tremendous popularity in the Philippines and also related projects are generating huge revenue from these platforms. So right now the government authorities of the Philippines are looking to impose some kind of new rules so that they can bring a tax rule on such platforms.

Right now, the Philippines government is confused whether they should consider NFTs based games platforms as currency or securities. Because these two things are connected to each other and their use cases are overlapping the two terms. 

The Axie Infinity is one of the most of popula NFTs crypto based Project which is getting tremendous growth since the creation. 

The Finance Department of the Philippines is planning to impose a rule on such kinds of platforms, so that they can make a short-cut profit. But due to this confusion of Currency or securities, they are still not able to do anything. 

Antonette Tionko, who is The undersecretary of the Philippine Finance department, made a statement on 23 August that all the games played generating profit, should have to pay income tax. 

Antonette also said that, no matter which platform is & making profit. They should have to report their earnings to the income tax department. 

According to the statement of Antonette, The regulators are looking for the SLP token (native token of Axie in-game NTFs). But she suggested to shift this matter toward central bank, so that they can decide  perfectly

“ What will define the models on how to tax the game-generated income is whether it’s a security or a currency. But irrespective of the classification, it’s taxable and as an income tax.”

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