The South Korean government issued a firm directive against play-to-earn gaming. Regulators have asked Apple and Google to block and remove all play-to-earn games from their app stores!
The government has been active on the regulatory front this year. This new development is part of their ongoing initiative to introduce various crypto regulations in a bid to regulate the market. In fact, earlier this year, they laid down a proposal to tax crypto gains which were later postponed until 2023. Previously, they have asked exchanges to submit an official certification.
South Korea Government vs. Play-to-Earn Gaming
Two days ago, on December 28, a GMC (Game Management Committee) official from the South Korean Ministry of Culture, Sports and Tourism asked the tech giants to block any games that require in-game purchases beforehand.
The new regulation is retroactive. So Apple and Google would remove existing P2E games and block the release of new ones.
Play-to-earn is a breakthrough from traditional gaming models. It has catapulted blockchain games like Axie Infinity into billion-dollar enterprises. However, the South Korean government remains unfazed and unconvinced about the profits users can make from in-game prizes. Despite the phenomenal growth of the crypto, NFT and gaming industries thanks to the P2e model, they remain to see it as “speculative activities and gambling.”
Even after facing court battles with game developers since April, the regulators are showing no signs of slowing down. They even rejected the age ratings of these games, so they weren’t able to list on App stores.
South Korea is not the only government tightening its reigns on the crypto industry. UK’s Advertising Standards Authority (ASA) is pulling the trigger and banning seven crypto ads. The ads are for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo. The authority says the ads are “misleading” and “irresponsibly taking advantage of consumers’ inexperience.”
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