Home News Korean authorities demanded Apple and Google to ban P2E games

Korean authorities demanded Apple and Google to ban P2E games

286
0

The Ministry of Culture, Sports, and Tourism of Korea demanded that Google and Apple block any games that work on the Play-to-Earn (P2E) model in mobile marketplaces. Naver writes about this.

Thus, the Games Management Committee (GMC) formed within the department made this decision.

Furthermore, the initiative focuses on combating the spread of speculative money-making schemes bypassing the laws. According to the publication, the requirement is actually prohibitive for developers of P2E games.

The prizes received in P2E games cannot exceed 10,000 Korean won

In addition, starting in April, GMC began to seek a revision of the assigned age rating through the court. Earlier, the authorities introduced this requirement to limit the placement of such applications in marketplaces for citizens of the country.

In June, The Fivestars for Klaytn P2E blockchain game achieved the removal of the ban. Expectedly, this will become a precedent for other developers.

According to the representative of the committee, its participants are guided by the decision of the Supreme Court. The latter ruled that the prizes received in the games cannot exceed 10,000 Korean won ($8.42) in each individual case. “We consider it appropriate to prohibit the assignment of age ratings to P2E games; since monetary rewards in games can be interpreted as prizes,” the source explained.

South Korean virtual assets regulations

According to Cointelegraph, the Committee’s current position will have negative consequences for all P2E games, including the most popular Axie Infinity and Splinterlands, according to DappRadar.

Recall that in November, the financial regulator of South Korea announced the possible taxation of transactions with non-fungible tokens (NFTs). According to the Financial Services Commission (FSC) Vice Chairman Doh Kyu-sang, the government can levy taxes in accordance with the current legislation. In “Act on the Specified Financial Transaction Information”, income from trading virtual assets (VA) is classified as “other”.

Previously, the SK Telecom division required portfolio companies to be present in the metaverse.

Previous articleRobinhood plans to launch beta crypto wallets in January as HOOD drops to $17
Next articleFTX offers a $1M prize for banks to accept stablecoins