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Commissioner Lee reiterated that the public must be vigilant and careful as the Philippine law still offers minimal recourse or protections regarding the cryptocurrency industry.
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The Department of Finance (DOF) Secretary Carlos G. Dominguez III said that Sky Mavis, the Vietnamese company of Axie Infinity, has gotten off to a “good start” after it encouraged its players to abide by the laws of their respective countries.
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According to the central bank, Axie Infinity owned by Vietnam-based Sky Mavis, “is not considered as VASP” or virtual asset service provider.
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The lending apps are now being probed for their alleged unauthorized and “excessive” use of borrowers’ personal data.
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Commissioner Lee acknowledged that regulating fintech is challenging because it entails foreseeing the risks and making room for them in order to encourage innovation.
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Axie Infinity has been in the news lately in the Philippine mainstream media after reports about Filipinos who lost their jobs have effectively survived the pandemic by playing the game.
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An independent estimation reveals that Php 2 billion was remitted to the Philippines last July via earnings by Filipinos playing Axie Infinity.
Read more Additionally, the foreign CIS must be concurrently offered in the Philippines and in its home jurisdiction. It must comply with the Standards of Qualifying CIS, along with its CIS operator and trustee/fund supervisor; and must also comply with the disclosure requirements of the SEC.
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As per SEC records, Genius Trading Corporation (GC8) is not registered with the Commission as a corporation of partnership.
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The Bureau of Internal Revenue reminds Internet celebrities and social media influencers to pay tax.
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