Axie Infinity earnings will be taxed

Uğur Bayram

Aug 24, 2021

Regulators in the Philippines are investigating the blockchain game Axie Infinity.

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Regulators in the Philippines are investigating the blockchain game Axie Infinity.
Philippine Undersecretary of Finance Antonette C. Tionko said that if this game and similar blockchain-based games bring income to users, income tax will be applied.
In a statement, Tionko said:
“[...] to the core, a lot of it will basically depend on its characterization, I think that's a thing for the SEC [Securities and Exchange Commission] and the BSP [Bangko Sentral ng]. Pilipinas] to decide. Is it a security? Is it a currency? So these are the things that will help us define the rules for how it should be taxed. But regardless of how it is characterized, it is taxable – income taxable.”
So from now on, the profits from this game will be taxed in accordance with the current cryptocurrency taxation.

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