The Securities and Exchange Commission (SEC) says that the popular play-to-earn online game Axie Infinity of Sky Mavis is unregistered as a corporation nor does not have license to sell or trade securities in the Philippines.
"The SEC has received numerous inquiries regarding Axie Infinity as well as other play-to-earn platforms and schemes. This has been a topic of discussion within the PhiliFintech Innovation Office (PIO) and other operating departments," said SEC in an interview.
"We are currently investigating regulatory touch points and studying its economic impact and risk exposure to Filipinos," it added.
The agency also warned the public to be "vigilant, if not, avoid transacting with entities without any primary registration or license to do business in the Philippines in order to avoid losing their hard-earned money."
Axie Infinity is an online game developed by Vietnamese studio Sky Mavis who gained popularity in the country. It allows players to earn rewards through cryptocurrencies that could be traded and exchanged to money.
But to start the game the player must first purchase three digital pets called "Axies," which allows player to breed and hatch offspring characters ready for battle. After winning the battle player could get rewards called small love potion (SLP) or the game currency.
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