Axie Next? Philippine Central Bank Orders LYKA to Stop Operations

Central Bank of the Philippines halts LYKA’s operations!

The Central Bank of the Philippines (BSP) has ordered LYKA to stop from operating. In an announcement dated July 23, BSP halted LYKA from operating pending its registration.

BSP Governor Benjamin Diokno said that LYKA needs register first with the office to operate.

“It has come to our knowledge that Lyka, a social media platform launched in the Philippines by a Hong Kong-based company, allows its users to purchase, exchange, and use Gift cards in Electronic Mode or GEMs as payment for goods and services,” he told.

“The Monetary Board has ascertained that these activities make Lyka an OPS and is thus required to register with the BSP, which is needed before it is allowed to continue with its OPS activities,” the governor continued.

LYKA has been operating as an Operator of Payment System in the country. Many influencers are capitalizing on the apps’ features which allow them to use the gems as payment for services.

Apparently, BSP has halted the company from operating as an OPS. Diokno mentioned that their office has invited LYKA to register first to continue their operations.

LYKA Insists its Registration

Meanwhile, Lyka announced that BSP has actually issued a provisional certificate for the company.

‘In fact, as of July 21, 2021, BSP has issued OPS Provisional Certificate of Registration (with OPS Registration No. OPS-202107-0008) in favor of Digital Spring.’ the company told in a separate announcement.

Digital Spring Marketing and Advertising is the official company where LYKA is operating.

Additionally, BSP has yet to send any communication with them regarding any possible modification the certificate.

‘To date, Digital Spring has not received any communication from BSP regarding the possible modification of this Certificate, or other directive requiring it to suspend operations.’ they added.

More so, they told that the company will be updating the public regarding their future steps.

Could Axie be Next?

Currently, the play-to-earn game Axie Infinity has boomed in the country.

Over the past month, Axie’s gaming community has doubled which even caused the game some server issues.

Meanwhile, Axie’s play to earn experience allows users to earn SLPs each grind. Currently, SLP is considered as a gaming token which is based on Ethereum network.

With many Filipinos earning from the game, could they also possibly receive

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