The Philippine Securities and Exchange Commission (SEC) is set to issue guidelines on digital assets in a bid to stabilize the digital industry, particularly on play-to-earn mobile games.
SEC Commissioner Kelvin Lee said in the Sept. 24 Laging Handa briefing said the commission is still studying Axie Infinity and other play-to-earn games and “to determine their legal status under our current laws.”
“Pero siguro the question for us sa SEC, are these play platforms really considered as digital assets or securities. Iyon, hindi pa po clear kasi nga we’re still studying it ‘no,” he said.
“So whether or not they are legal or illegal or need to register later on, that is something we still have to determine at the SEC,” he added, while reminding the public to be careful and research about the risks of their activities.
The official said the public should also determine whether the platforms and games they are using are registered in the country for their security.
“These are online, but they are foreign registered — not registered in the Philippines… Kung registered kasi with the Philippines, then syempre you have the protection of Philippine law and you can file the appropriate cases,” he said. – Report from Naomi Tiburcio/AG-rir
Watch full interview here:
