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BSP might classify Axie Infinity as an OPS like GCash, PayMaya

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It looks like the Bangko Sentral ng Pilipinas (BSP) is closely monitoring the popular play-to-earn game Axie Infinity.

The BSP apparently doesn’t look at Axie Infinity as a virtual asset service provider (VASP).

That said, the central bank is closely monitoring how Axie players are exchanging and using crypto or token assets called Smooth Love Potion (SLP) as a type of payment. Plus, the extent of the game’s merchant network.

The BSP is thinking of putting the game in the Operator of Payment System (OPS) category. The same classification of popular services such as GCash and PayMaya.

If you’re familiar with OPS brands, they offer cash-in services, bills payment, send and receive merchant payments, and more, either in cash or digital form.

Once the BSP confirms that Axie Infinity players are using and exchanging SLPs as a form of payment for merchant purchases, it will require the game’s Vietnam-based developer Sky Mavis or its local partner to register to the central bank as an OPS.

Failure to comply may result in the cease of operations.

Back in January, the BSP released Circular No. 1108, or the Guidelines for VASPs, which essentially recognizes the evolving virtual asset markets. It also address the possible risks that users may face due to its price volatility, anonymity, and velocity of transactions.

However, the BSP says that Axie Infinity is not a VASP because Circular No. 1108 “excludes digital units of exchange used as in-game tokens, such as the implementation of SLP within Axie Infinity.”

With that, the BSP wants to check if Axie Infinity can be classified as an OPS. If they are, the developers are required to register with the BSP, as per Circular No. 1049.

Source: Manila Bulletin

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