MANILA – Play-to-earn online game Axie Infinity is not yet required to register with Philippine securities and monetary regulators, but it will be monitored.
The Securities and Exchange Commission and Bangko Sentral ng Pilipinas said on Monday that Axie Infinity isn’t required to register with them right now, but they are closely monitoring the game if it grows in popularity.
The two government regulators say if the use of Axie Infinity’s cryptocurrencies increases in the Philippines, they may have to step in, to offer some form of protection to Filipino players and investors.
“We are not yet requiring Axie infinity to register with the BSP,” said Melchor Plabasan, Director of the BSP’s Technology Risk and Innovation Supervision Department.
“Ang pinagaaralan namin is yung payment component. Papaano pag napakaraming merchants sa Pilipinas ang nag-a-acept ng SLP (smooth love potion),” Plabsan said in a YouTube video…