The developers of Axie Infinity appear to want to work with governments for the proper implementation of laws as it relates to play-to-earn gaming.
Sky Mavis, Axie Infinity’s developers, tweeted on Thursday evening, August 26, saying they wanted to work with governments “on a path forward that encourages innovation and empowers gamers.”
Axie’s developers encouraged players to abide by the laws of the respective governments they live in, adding it was “proud that Axie’s global playerbase can buy and sell to anyone, anywhere, and earn an income through this blossoming digital economy.”
The statement follows a surge of interest in NFTs in the country and in the Axie Infinity game in particular as a means of augmenting income.
The Philippine government earlier this week said earnings from play-to-earn games, including Axie Infinity, is taxable and should be declared.
In a CNN report, BIR Revenue Deputy Commissioner for Legal Group Marissa Cabreros said during a media briefing that players with annual net earnings of P250,000 or less are exempted from paying taxes.
The BIR, however, urged eligible gamers who are not exempt from paying taxes to register and pay them promptly, as failing to do so may lead to imprisonment and fines. – Rappler.com