Axie Infinity earnings will be taxed

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

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.