MANILA Philippines is not expected to accord legal tender status on crypto even if the country supports its use and policies. The EIU, UK based Economist Intelligence Unit said the Philippines displays the most benign attitude towards cryptocurrency.

23-03-2022: Taxes on digital assets and crypto taking shape soon in the Philippines.

The patchwork of new tax rules aiming at collecting revenue from the growing digital asset market creates new risks and obligations for investors and coders. Global investments in digital assets have increased significantly in the past 13 years.

Taxation of Cryptocurrencies
The Bureau of Internal Revenue (BIR) and Department of Finance (DOF) has released statements on cryptocurrencies, the Philippines #1 online tax app “Taxumo ” allows an easy and seamless tax filing online without the involvement of a broker or an accountant.

Cryptocurrencies can only be taxed when they are converted to fiat or some other meSPAM BANble in fiat, says Atty.Mike. selling and buying of cryptocurrencies to take market’s price fluctuating advantages, the profits earned from these transactions are taxable only when they are converted to fiat, that means only when you sell it for actual Philippine currency of Philippine such as Pesos.

Any gain involving mining is taxable only when the virtual currency is converted to fiat currency. The gain from crypto is considered under income tax after realizing and hence income tax is paid on every quarter rather than paying annually.

The cryptocurrency triggered to be treated as stocks is considered as capital gains tax which will be taxed as other securities and stocks in the country.

VAT the tax applied on goods and services is required to be paid only if the earnings exceed Php 3 million pesos and the lesser will be considered under percentage tax.

If you’re a fisher in your soul, a new multiverse P2E game is ready to give you the pleasure of a fishing adventure in the comfort of your home. World of Defish, a genuine NFT-enriched multiverse playground for the fans of P2E products, is finally LIVE on its BSC mainnet.

WOD attracted over 10,000 new players within the first 30 minutes after the mainnet launch, proving that fishing is still in vogue. With an active player number exceeding 1,600 a day, the game is now ranked #14 among BSC-powered games.

World of Defish is a fascinating game with futuristic graphics that offers unrivaled player experiences. It allows you to fish, upgrade your equipment, enhance your fishing skills, acquire new areas, compete with peers, and trade the earned assets in the in-game NFT marketplace.

The top cryptocurrencies on the market entered an active correction phase after a substantial shift in attitude on the cryptocurrency market, losing up to 5% of their value, and here are the likely reasons, according to CoinMarketCap.

Market Oversaturation
Oversaturation of the market is usually the primary cause of any short-term correction following a big market pump. Whenever the market circumstances improve, traders become more active, bringing more purchasing power into the market.

As time passes, the equilibrium between asks and bids deteriorates, resulting in volatility spikes. When liquidity falls and selling pressure arises, most assets lose a portion of their value before recovering. Traders become less psychologically stable as a result of technical oversaturation, and they tend to take profits earlier than necessary.

Blockchain technology has the power to increase financial inclusion and change the lives of many throughout the world, especially in emerging economies where it’s needed the most. While the potential of blockchain technology has been widely recognized, even among the harshest critics of Bitcoin (BTC) itself, the possible use cases for blockchain technology are often thought of as limited only to the financial industry.

While the distributed ledger system created alongside Bitcoin has a powerful use case in the realm of currency and assets, in which value can now be digitally transferred without any middlemen or risk of duplication because ownership is immutable and provable, these same applications can be translated into many other industries beyond finance.