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Filipinos Being Taxed from Playing Axie Infinity is a Good Thing by adamada

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· @adamada · (edited)
$33.53
Filipinos Being Taxed from Playing Axie Infinity is a Good Thing
![20210824-axie-infinity.webp](https://files.peakd.com/file/peakd-hive/adamada/23wC38cMeoyFSQcUXREubL7wne7nzbNQY1JqwjhhJm1veij7xaVThurgS7yCm83DC8Wv7.webp)

<center>[Image Source](https://news.abs-cbn.com/business/08/24/21/bir-tells-axie-infinity-players-to-pay-taxes)</center>

> Disclaimer: None the ideas stated here should be taken as professional financial or legal advice. It’s just my opinion on the subject and I highly encourage you to do your own research from credible official sources. 

Taxes will be part of anything as long as there is money moving into the space. We had it coming from the snowballed publicity the game has been having in the local scene for months. Play to earn from games aren’t a new concept, they’ve been around before crypto was a thing and it just boomed due to how accessible these money making opportunities are accessible to the public and probably with the help of the pandemic making people seek out unconventional sources of cash flow. 

Now anyone can have their own entitled opinions about hating these taxes imposed. The most common responses are opposition to the idea of being taxed from earning from the game and giving their earned money to the corrupt government. I don’t know about you but I’ve gone passed the argument that corruption exists in the government and just accepted it as part of the norm. No matter how much one would hate the idea that their money goes off to the pockets of the corrupt politicians, part of the budget still delivers the services necessary to keep a functioning society. Anyway, discussing that is beyond what this post is about. 

I think people are forgetting the fact that it’s still publicity for play to earn crypto games. Philippines isn’t exactly on top of things when it comes to laws regulating cryptocurrency to begin with. So some talks about regulations can stir some public attention to be curious and onboard more people into the cryptospace. By acknowledging that people are getting rich from trading digital assets at the leisure, the government is also acknowledging the economic impact crypto has to its citizens and this could push more laws that could help make it easier for crypto adoption in the country for better or worse. 

For some that are still unconvinced that registering yourself as a gamer or cryptotrader when filing taxes is a good thing, I can get some of the hate from the informal economy. You see, a lot of people here have low financial literacy and can’t even do basic budgeting. You can’t expect them to care about complicated taxes because most don’t think about these when their salary is below the minimum taxable income. There are a lot of under reported cases of digital freelancers not being taxed appropriately with reasons that come from not understanding how taxes work to intentionally avoiding taxes. 

I would love some clarity on how the local BIR would handle taxes from play to earn games so that I could make informed decisions when filing for my taxes with a peace of mind. Most people Filipinos don’t have a clue how to compute their taxes because they rely on private or government accountants to do the math for them, but for freelancers that have yet to grow a clue about how to file their taxes, it would be a pain in the ass to be told you committed tax evasion without fully understanding how to document your salary paid in crypto or earnings from a cryptogame. 

The play to earn model is a wild west and there are no clear guidelines on how to proceed as far as I know. What if some grade school student happens to open an account on a cryptogame and started earning some digits enough to qualify them within taxable range? I’m sure there’s an existing answer out there somewhere but I’d appreciate more official memorandums from the local government to dumb down these concepts for the layperson that gives into these hypes. 

If Axie Infinity has gained enough attention to be under the Philippine government’s radar, it would be interesting to them make public statements about other Hive games we got going here for extra publicity. Ever since that article published by [bitpinas](https://bitpinas.com/feature/play-to-earn-splinterlands-sps-philippines-guide/) about Splinterlands went viral I noticed a rise in Filipino players on the game. Not actively blogging but playing the game and sharing news about it on facebook groups. 

This news is an indirect endorsement and publicity boost despite triggering some players enjoy their income while tax free. 

Here are some additional sources you may be interested in while on the subject:
[After influencers, BIR tells Axie Infinity players to register and pay taxes](https://news.abs-cbn.com/business/08/24/21/bir-tells-axie-infinity-players-to-pay-taxes)
[Axie Infinity earnings subject to tax, BIR tells gamers](https://www.cnnphilippines.com/business/2021/8/24/BIR-gaming-Axie-Infinity-tax.html)
[Axie Infinity earnings subject to tax—DOF](https://mb.com.ph/2021/08/23/axie-infinity-earnings-subject-to-tax-dof/)

If you made it this far reading, thank you for your time. 


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@adamada/filipinos-being-taxed-from-playing-axie-infinity-is-a-good-thing)
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vote details (373)
@hivebuzz ·
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@juecoree ·
$0.06
BIR are swimming on unchartered water. Our taxation laws are not fine tuned to crypto. In the first place, they don't recognized crypto. But I agree that taxing can be a good thing. 
👍  
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vote details (1)
@adamada ·
Putting some taxes on cryptogames gives it publicity and smoothens talks of being a mainstream income stream. No one is going to bat an eye if the tax guys acknowledge it being a taxable source of income and this is like a soft pass to what is legit vs people putting in some money on crypto scams. 

I would prefer people just put money into their games with potential kickbacks and lose out than have them pay for tokens that they don't even know it's worth holding or not in the future. Those digital assets can be traded or just be used leisurely. 

Between buying a token that has an ICO nature with the hopes you earn from capital appreciation vs buying a digital asset that doesn't promise you riches but somehow moons, the latter is a better choice for me personally. Less regrets and it's all play/hobby money spent. 
👍  
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@melooo182 ·
$0.06
If a law cannot be enforced...no one will abide to it, specially if it's detrimental to the player, simple as that.

In the current state of affair you can perfectly change your SLPs for fiat without ever signing any KYC, being completely anonymous in your transactions.
👍  
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@adamada ·
$0.02
I think that only applies if your fiat is USD. Most Filipinos aren't sophisticated enough with crypto and opt for the country's fiat because of that conditioning of crypto being volatile and the hand to mouth mindset, but that's just my opinion on the culture that keeps people here poor. 

There's also existing monopolies when it comes to storing personal cryptos on hot wallets by a third party which has the same energy as not your keys not your crypto. The ones licensed by SEC here have monopoly over virtual transactions so they could bend anytime pressure gets put and one needs to have KYC here to get the quickest way possible to buy into crypto from fiat to token. 
👍  , ,
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@melooo182 · (edited)
$0.06
I see https://localcryptos.com is not as widely used in the Philipines unlike Colombia and Venezuela where you have fairly decent offer of options to change your cryptos in a decentralized and anonymous way

And now that I think about it, even compared to other countries in the region Venezuela and Colombia stand out in that aspect...Venezuela has a quite strong adoption of cryptos because of the hyperflation and Colombia while having a more stable economy always has had a lot of commercial exchange with its neighbour, not mentioning the bunch of bi-nationals like myself 🇨🇴🇻🇪 xD
👍  
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@pizzabot ·
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