Local metaverse and non-fungible token game developer MetaDhana Studios said it is willing to help the government regulate the e-gaming industry and provide insights on how to subject game developers and the community that benefits from e0gaming, to taxes.
MetaDhana chief executive Mikhail Jon Peñalosa noted that the industry is very unregulated. Game developers, like MetaDhana, are faced with questions on which part of the operation is taxable or what can be considered as taxable events.
“Until now the regulations are not clear. As developers, we’re trying to find out if the conversion of the token to Philippine peso is a taxable event or should it be the actual gaining of tokens from playing the game? We would like to work with the government and with the regulatory agencies on how we can derive the proper taxes that should be remitted to the government,” he said Tuesday at the regular Pandesal Forum at Kamuning Bakery in Quezon City.
MetaDhana chief technical officer Michael John Peña said regulation is vital to support a sustainable ecosystem for an emerging gaming industry.